0000887905假的--12-312024Q3http://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrMemberLTC 物業股份有限公司4503400043022000第 10 年第 10 年第一個月第 10 年第五年第 10 年第五年第 10 年第五年第 10 年第五年http://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrMemberP4Y0.190.1900.190.190000887905美國 GAAP: 額外付費無法成員2023-07-012023-09-300000887905美國 GAAP: 額外付費無法成員2024-07-012024-09-300000887905美國 GAAP: 公共股成員2023-07-012023-09-300000887905美國 GAAP: 公共股成員2024-07-012024-09-300000887905美國 GAAP: 公共股成員2024-04-012024-06-300000887905美國 GAAP: 額外付費無法成員2024-04-012024-06-300000887905美國 GAAP: 保留權益成員2024-09-300000887905美國高級協會:家長會員2024-09-300000887905美國 GAAP: 非控制權益成員2024-09-300000887905美國 GAAP: 額外付費無法成員2024-09-300000887905美國 GAAP: 累積其他全面收入會員2024-09-300000887905美國 GAAP:網絡資金過度累積分佈成員2024-09-300000887905美國 GAAP: 保留權益成員2024-06-300000887905美國高級協會:家長會員2024-06-300000887905美國 GAAP: 非控制權益成員2024-06-300000887905美國 GAAP: 額外付費無法成員2024-06-300000887905美國 GAAP: 累積其他全面收入會員2024-06-300000887905美國 GAAP:網絡資金過度累積分佈成員2024-06-3000008879052024-06-300000887905美國 GAAP: 保留權益成員2024-03-310000887905美國高級協會:家長會員2024-03-310000887905美國 GAAP: 非控制權益成員2024-03-310000887905美國 GAAP: 額外付費無法成員2024-03-310000887905美國 GAAP: 累積其他全面收入會員2024-03-310000887905美國 GAAP:網絡資金過度累積分佈成員2024-03-3100008879052024-03-310000887905美國 GAAP: 保留權益成員2023-12-310000887905美國高級協會:家長會員2023-12-310000887905美國 GAAP: 非控制權益成員2023-12-310000887905美國 GAAP: 額外付費無法成員2023-12-310000887905美國 GAAP: 累積其他全面收入會員2023-12-310000887905美國 GAAP:網絡資金過度累積分佈成員2023-12-310000887905美國 GAAP: 保留權益成員2023-09-300000887905美國高級協會:家長會員2023-09-300000887905美國 GAAP: 非控制權益成員2023-09-300000887905美國 GAAP: 額外付費無法成員2023-09-300000887905美國 GAAP: 累積其他全面收入會員2023-09-300000887905美國 GAAP:網絡資金過度累積分佈成員2023-09-300000887905美國 GAAP: 保留權益成員2023-06-300000887905美國高級協會:家長會員2023-06-300000887905美國 GAAP: 非控制權益成員2023-06-300000887905美國 GAAP: 額外付費無法成員2023-06-300000887905美國 GAAP: 累積其他全面收入會員2023-06-300000887905美國 GAAP:網絡資金過度累積分佈成員2023-06-3000008879052023-06-300000887905美國 GAAP: 保留權益成員2023-03-310000887905美國高級協會:家長會員2023-03-310000887905美國 GAAP: 非控制權益成員2023-03-310000887905美國 GAAP: 額外付費無法成員2023-03-310000887905美國 GAAP: 累積其他全面收入會員2023-03-310000887905美國 GAAP:網絡資金過度累積分佈成員2023-03-3100008879052023-03-310000887905美國 GAAP: 保留權益成員2022-12-310000887905美國高級協會:家長會員2022-12-310000887905美國 GAAP: 非控制權益成員2022-12-310000887905美國 GAAP: 額外付費無法成員2022-12-310000887905美國 GAAP: 累積其他全面收入會員2022-12-310000887905美國 GAAP:網絡資金過度累積分佈成員2022-12-310000887905美國 GAAP: 公共股成員2024-01-012024-03-310000887905美國 GAAP: 公共股成員2023-04-012023-06-300000887905美國 GAAP: 公共股成員2023-01-012023-03-310000887905美國 GAAP: 公共股成員2024-09-300000887905美國 GAAP: 公共股成員2024-06-300000887905美國 GAAP: 公共股成員2024-03-310000887905美國 GAAP: 公共股成員2023-12-310000887905美國 GAAP: 公共股成員2023-09-300000887905美國 GAAP: 公共股成員2023-06-300000887905美國 GAAP: 公共股成員2023-03-310000887905美國 GAAP: 公共股成員2022-12-310000887905美國 GAAP: 限量庫存成員2024-09-300000887905美國 GAAP: 限量庫存成員2023-12-310000887905美國 GAAP: 限量庫存成員2023-09-300000887905美國 GAAP: 限量庫存成員2022-12-310000887905美國 GAAP: 限量庫存成員有限責任公司:批發日期價格 34.60 會員有限責任公司:一年週年紀念授權會員2024-01-012024-09-300000887905美國 GAAP: 限量庫存成員有限責任公司:批發日期價格 30.72 會員有限責任公司:自批出日期起三個年期內投資2024-01-012024-09-300000887905美國 GAAP: 表現股票成員有限責任公司:批發日期價格 31.84 一月有限責任公司:投資總股份回贈會員2024-01-012024-09-300000887905美國 GAAP: 表現股票成員有限責任公司:批發日期價格 31.84 會員有限責任公司:投資總股份回贈會員2024-01-012024-09-300000887905美國 GAAP: 限量庫存成員2024-01-012024-09-300000887905美國 GAAP: 限量庫存成員有限責任公司:批發日期價格 37.16 會員有限責任公司:自批出日期起三個年期內投資2023-01-012023-09-300000887905美國 GAAP: 限量庫存成員有限責任公司:授權日期價格 35.45 會員有限公司:投資日期 2022 年 7 月 25 日會員2023-01-012023-09-300000887905美國 GAAP: 限量庫存成員有限公司:撥款日期價格 31.54 會員有限責任公司:投資日期 2024 年成員2023-01-012023-09-300000887905美國 GAAP: 表現股票成員有限責任公司:批發日期價格 37.16 會員有限責任公司:投資總股份回贈會員2023-01-012023-09-300000887905美國 GAAP: 限量庫存成員2023-01-012023-09-300000887905美國 GAAP: 限量庫存成員有限責任公司:批發日期價格 30.72 會員有限責任公司:投資總股份回贈會員2024-01-012024-09-300000887905美國 GAAP: 表現股票成員有限責任公司:批發日期價格 37.16 會員有限責任公司:投資總股份回贈會員2024-01-012024-09-300000887905美國 GAAP: 表現股票成員有限責任公司:批發日期價格 37.16 會員有限責任公司:投資總股份回報加速成員2024-01-012024-09-300000887905美國 GAAP: 表現股票成員有限責任公司:批發日期價格 31.84 會員LTC:TSR 目標與預設的對手群組成員相關2024-01-012024-09-300000887905LTC: 限制庫存和性能基於庫存的成員有限責任公司:批發日期價格 37.16 會員有限責任公司:自批出日期起三個年期內投資2024-01-012024-09-300000887905LTC: 限制庫存和性能基於庫存的成員有限責任公司:批發日期價格 33.94 會員有限責任公司:自批出日期起三個年期內投資2023-01-012023-09-300000887905有限責任公司:高級無保債務成員2024-01-012024-09-300000887905有限責任公司:高級無保債務成員2023-01-012023-09-300000887905美國高級認證:信用會員線美國 GAAP: 後續事件成員2024-10-012024-10-310000887905美國 GAAP: 公共股成員有限公司:股權分配協議 2016 會員2024-09-300000887905美國 GAAP: 由銷售出售或停止運營成員美國 GAAP: 後續事件成員2024-10-010000887905有限責任公司:輔助住宅物業會員產品標準:TX美國 GAAP: 由銷售出售或停止運營成員有限責任公司:兩個國家來自聯合委員會成員2024-09-300000887905有限責任公司:輔助住宅物業會員產品標準:TX美國 GAAP: 由銷售出售或停止運營成員有限責任公司:聯合中心成員的一個單位2024-09-300000887905有限責任公司:輔助住宅物業會員STPR: 無線網路美國 GAAP: 由銷售出售或停止運營成員2024-09-300000887905有限責任公司:輔助住宅物業會員產品標準:TX美國 GAAP: 由銷售出售或停止運營成員2024-09-300000887905有限責任公司:輔助住宅物業會員STPR: 佛羅里達州美國 GAAP: 由銷售出售或停止運營成員2024-09-300000887905美國 GAAP: 由銷售出售或停止運營成員2024-09-300000887905有限公司:熟練護理財產會員STPR: 奈米美國 GAAP: 由銷售出售或停止運營成員2023-12-310000887905有限責任公司:輔助住宅物業會員標準證書:PA美國 GAAP: 由銷售出售或停止運營成員2023-12-310000887905有限責任公司:輔助住宅物業會員產品名稱:新澤西美國 GAAP: 由銷售出售或停止運營成員2023-12-310000887905有限責任公司:輔助住宅物業會員STPR: 否美國 GAAP: 由銷售出售或停止運營成員2023-12-310000887905有限責任公司:輔助住宅物業會員產品名稱:KY美國 GAAP: 由銷售出售或停止運營成員2023-12-310000887905有限責任公司:輔助住宅物業會員STPR: 佛羅里達州美國 GAAP: 由銷售出售或停止運營成員2023-12-310000887905美國 GAAP: 由銷售出售或停止運營成員2023-12-310000887905有限責任公司:熟練護理和輔助住宿設施財產會員有限責任公司:高級貸款會員產品標準:TX美國 GAAP: 按揭成員2024-09-300000887905有限公司:熟練護理財產會員有限公司:工作資本貸款可接收成員有限責任公司:運作資本貸款零點零營運利率保證期 2028 會員2024-09-300000887905有限公司:熟練護理財產會員有限公司:工作資本貸款可接收成員有限責任公司:運作資本貸款,利率 6.5 百分比保證金 2030 會員2024-09-300000887905有限責任公司:輔助住宅物業會員有限公司:工作資本貸款可接收成員有限責任公司:工資本貸款零點零工作利率保障 2031 會員2024-09-300000887905有限責任公司:輔助住宅物業會員有限公司:工作資本貸款可接收成員有限責任公司:利率 9 百分之工作資本貸款 2025 會員2024-09-300000887905有限責任公司:輔助住宅物業會員有限公司:工作資本貸款可接收成員有限責任公司:利息率 8.3% 的工作資本貸款達到 2025 會員2024-09-300000887905有限責任公司:輔助住宅物業會員有限公司:工作資本貸款可接收成員有限責任公司:營運資本貸款以 7.4% 利率保障年度 2030 年2024-09-300000887905有限責任公司:輔助住宅物業會員有限公司:工作資本貸款可接收成員有限責任公司:營運資本貸款,利息率 7.4 百分之二零零三十會員2024-09-300000887905有限責任公司:輔助住宅物業會員有限責任公司:中國可獲得成員有限責任公司:中間投資與夜點利率百分比保證明年度 2028 會員2024-09-300000887905有限責任公司:輔助住宅物業會員有限責任公司:中國可獲得成員有限責任公司:中額利率 8 百分之二零二七會員2024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 由銷售出售或停止運營成員2024-09-300000887905美國 GAAP: 票據可收成員2024-09-300000887905有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限責任公司:一般會員的附屬公司有限責任公司:輔助住宅物業會員有限責任公司:融資應收款項 7.25 年利率保證年度 2034 會員2024-06-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:抵押貸款股份有 8.75 利率會員有限公司:新的主租賃協議會員2023-12-310000887905有限責任公司:獨立輔助生活和記憶會員標準普爾:GA有限責任公司:中國可獲得成員2023-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:按揭貸款,有 7.3息到期至 2025 年月2023-09-300000887905美國 GAAP: 保留權益成員2024-07-012024-09-300000887905美國 GAAP: 保留權益成員2024-04-012024-06-300000887905美國 GAAP: 保留權益成員2024-01-012024-03-310000887905美國 GAAP: 保留權益成員2023-07-012023-09-300000887905美國 GAAP: 保留權益成員2023-04-012023-06-300000887905美國 GAAP: 保留權益成員2023-01-012023-03-310000887905有限責任公司:輔助住宅物業會員產品標準:TX美國 GAAP: 銷售集團維護銷售和停止運營成員美國 GAAP: 後續事件成員2024-10-012024-10-010000887905有限責任公司:循環信貸便利更改為單位信貸協議成員2024-01-012024-09-300000887905美國高級認證:信用會員線2023-01-012023-09-300000887905美國 GAAP: 公共股成員美國 GAAP: 後續事件成員有限公司:股權分配協議 2016 會員2024-10-012024-10-310000887905有限責任公司:獨立輔助生活和記憶會員標準普爾:GA2023-01-012023-09-300000887905美國 GAAP: 公共股成員2024-01-012024-09-300000887905美國 GAAP: 公共股成員2023-01-012023-09-300000887905標準普爾:GA有限責任公司:獨立住宅社區物業 203 個單位成員美國 GAAP: 後續事件成員2024-10-010000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:組合成員組合有限責任公司:聯合企業會員商業標準:華盛頓2024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員LTC: 組合影片社群會員有限責任公司:聯合企業會員商業標準:華盛頓2024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:按揭貸款有 9.9 息到期 2045 會員有限公司:熟練護理設施床位會員2024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:抵押貸款有 8.8 年利息到期 2028 會員有限公司:熟練護理設施床位會員2024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:按揭貸款有 10.8 年息到期 2043 會員有限公司:熟練護理設施床位會員2024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:按揭貸款 10.5 年息到期 2045 會員有限公司:熟練護理設施床位會員2024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:按揭貸款 10.3 年息到期 2045 會員有限公司:熟練護理設施床位會員2024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:抵押貸款有 8.8 年息到期 2025 會員有限責任公司:輔助生活設施單位會員2024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:按揭貸款有 7.8 年息到期 2025 會員有限責任公司:輔助生活設施單位會員2024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:按揭貸款有 7.5 息到期 2024 會員有限責任公司:輔助生活設施單位會員2024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:按揭貸款,有 7.3息到期至 2025 年月有限責任公司:輔助生活設施單位會員2024-09-300000887905有限公司:專業護理中心會員有限責任公司:高級貸款會員產品標準:TX2024-09-300000887905有限責任公司:熟練護理和輔助住宿設施財產會員有限責任公司:高級貸款會員產品標準:TX2024-09-300000887905有限責任公司:獨立輔助生活和記憶會員STPR: 伊利諾美國 GAAP: 按揭成員2024-09-300000887905有限責任公司:輔助住宅物業會員有限責任公司:高級貸款會員產品標準:TX2024-09-300000887905美國 GAAP: 按揭成員有限公司:熟練護理設施床位會員2024-09-300000887905美國 GAAP: 按揭成員有限責任公司:輔助生活設施單位會員2024-09-300000887905有限公司:熟練護理財產會員有限公司:熟練護理設施床位會員2024-09-300000887905有限公司:熟練護理財產會員有限責任公司:輔助生活設施單位會員2024-09-300000887905有限公司:尊榮醫療保健會員有限公司:熟練護理財產會員2024-09-300000887905有限公司:尊榮醫療保健會員有限責任公司:輔助住宅物業會員2024-09-300000887905有限公司:其他長者住宅物業會員有限公司:熟練護理設施床位會員2024-09-300000887905有限責任公司:輔助住宅物業會員有限責任公司:輔助生活設施單位會員2024-09-300000887905有限公司:熟練護理設施床位會員2024-09-300000887905有限公司:新的主租賃協議會員2024-09-300000887905有限責任公司:輔助生活設施單位會員2024-09-300000887905有限公司:熟練護理財產會員產品標準:TX有限責任公司:總租賃協議會員2024-03-310000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:組合成員組合有限責任公司:聯合企業會員商業標準:華盛頓2023-12-310000887905有限責任公司:輔助住宅物業會員STPR: NC美國 GAAP: 按揭成員有限責任公司:按揭貸款,有 7.3息到期至 2025 年月有限責任公司:輔助生活設施單位會員2023-09-300000887905有限公司:熟練護理財產會員STPR: 伊利諾有限責任公司:抵押貸款股份有 8.75 利率會員2023-09-300000887905有限責任公司:中國可獲得成員2023-09-300000887905有限責任公司:輔助生活和記憶護理財產會員STPR: NC有限責任公司:融資應收款項 7.25 年利率保證年度 2033 會員有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限公司:熟練護理財產會員產品標準:TX有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限公司:熟練護理財產會員產品編號:TN有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限公司:熟練護理財產會員STPR: 佛羅里達州有限責任公司:購買選項在租賃配置會員2024-09-300000887905LTC: 記憶體護理屬性成員產品標準:TX有限責任公司:購買選項在租賃配置會員2024-09-300000887905LTC: 記憶體護理屬性成員產品標準:哦有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限責任公司:獨立輔助生活和記憶會員產品標準:哦有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限責任公司:輔助住宅物業會員STPR: NC有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限責任公司:輔助住宅物業會員LTC: 北卡羅來納和南卡羅來納州有限責任公司:融資應收款項 7.25 年利率保證年度 2034 會員2024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員產品代碼:SC有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員STPR: 可以有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員STPR: NC有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員產品代碼:加有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員LTC: 北卡羅來納和南卡羅來納州有限責任公司:融資應收款項 7.25 年利率保證年度 2034 會員2024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員有限責任公司:喬治亞和南卡羅來納州有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員有限責任公司:科羅拉多肯薩索日和德克薩斯成員有限責任公司:購買選項在租賃配置會員2024-09-300000887905美國會計師範圍:財務承擔會員2024-09-300000887905有限責任公司:醫院會員2024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員產品代碼:SC有限責任公司:融資應收款項 7.25 年利率保證年度 2034 會員2024-06-300000887905有限責任公司:輔助生活和記憶護理財產會員LTC: 北卡羅來納和南卡羅來納州有限責任公司:融資應收款項 7.25 年利率保證年度 2034 會員2024-06-300000887905有限公司:布魯克代爾梅爾有限責任公司:輔助住宅物業會員有限公司:新的主租賃協議會員2023-12-310000887905有限責任公司:輔助住宅物業會員STPR: NC有限責任公司:購買選項在租賃配置會員2023-12-310000887905有限公司:熟練護理財產會員STPR: 佛羅里達州有限責任公司:融資應收款項 7.25 年利率保證年度 2032 會員2022-12-310000887905美國 GAAP: 公平價值投注 3 成員美國 GAAP: 空氣值估算空氣值封閉記住2024-09-300000887905美國 GAAP: 公平價值投注 3 成員美國 GAAP: 空氣值估算空氣值封閉記住2023-12-310000887905美國 GAAP: 非控制權益成員2024-07-012024-09-300000887905美國 GAAP: 非控制權益成員2024-04-012024-06-300000887905美國 GAAP: 非控制權益成員2024-01-012024-03-310000887905美國 GAAP: 非控制權益成員2023-07-012023-09-300000887905美國 GAAP: 非控制權益成員2023-04-012023-06-300000887905美國 GAAP: 非控制權益成員2023-01-012023-03-310000887905美國 GAAP: 公平價值投注 3 成員有限責任公司:高級無保證筆記成熟在 2030 年前美國 GAAP: 測量輸入折扣代表2024-09-300000887905美國 GAAP: 公平價值投注 3 成員有限責任公司:高級未保證筆記 2030 年後成熟美國 GAAP: 測量輸入折扣代表2024-09-300000887905美國 GAAP: 公平價值投注 3 成員有限責任公司:高級無保證筆記成熟在 2030 年前美國 GAAP: 測量輸入折扣代表2023-12-310000887905美國 GAAP: 公平價值投注 3 成員有限責任公司:高級未保證筆記 2030 年後成熟美國 GAAP: 測量輸入折扣代表2023-12-310000887905有限責任公司:期貸款成員2023-12-310000887905有限責任公司:高級無保債務成員2023-12-310000887905美國高級認證:信用會員線2023-12-310000887905美國 GAAP: 循環信貸便利會員2024-09-300000887905美國 GAAP: 空氣值估算空氣值封閉記住2024-09-300000887905美國 GAAP: 承載報告金額公平價錢封閉記住2024-09-300000887905美國 GAAP: 空氣值估算空氣值封閉記住2023-12-310000887905美國 GAAP: 承載報告金額公平價錢封閉記住2023-12-310000887905美國高級認證:信用會員線美國 GAAP: 後續事件成員2024-10-310000887905有限責任公司:輔助生活和記憶護理財產會員LTC: 北卡羅來納和南卡羅來納州有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限責任公司:二零二零二四至二零二零二八年期間有限公司STPR: NC有限責任公司:購買選項在租賃配置會員2024-09-300000887905有限公司:布魯克代爾梅爾有限責任公司:輔助住宅物業會員有限責任公司:科羅拉多肯薩索日和德克薩斯成員有限責任公司:購買選項在租賃配置會員2023-12-310000887905有限公司:熟練護理財產會員產品標準:TX有限責任公司:購買選項在租賃配置會員2022-12-310000887905有限責任公司:輔助住宅物業會員LTC: 北卡羅來納和南卡羅來納州有限責任公司:融資應收款項 7.25 年利率保證年度 2034 會員2024-06-300000887905有限責任公司:輔助生活和記憶護理財產會員STPR: NC有限責任公司:融資應收款項 7.25 年利率保證年度 2034 會員2024-06-300000887905有限責任公司:輔助生活和記憶護理財產會員STPR: NC有限責任公司:融資應收款項 7.25 年利率保證年度 2033 會員2023-12-3100008879052023-11-300000887905STPR: 佛羅里達州有限責任公司:融資應收款項 7.25 年利率保證年度 2032 會員2022-12-310000887905有限公司:成熟於一九二零二六年十一月成熟成員美國 GAAP: 利率 WAP 會員美國 GAAP: 現金存款會員美國 GAAP: 公平價值投注 2 會員2023-12-310000887905有限公司:成熟於 192025 年十一月成熟成員美國 GAAP: 利率 WAP 會員美國 GAAP: 現金存款會員美國 GAAP: 公平價值投注 2 會員2023-12-310000887905美國 GAAP: 公平價值投注 2 會員2023-12-310000887905美國 GAAP: 表現股票成員2024-07-012024-09-300000887905美國 GAAP: 表現股票成員2024-01-012024-09-300000887905美國 GAAP: 表現股票成員2023-07-012023-09-300000887905美國 GAAP: 表現股票成員2023-01-012023-09-300000887905美國 GAAP: 利率 WAP 會員美國 GAAP: 現金存款會員2024-07-012024-09-300000887905美國 GAAP: 利率 WAP 會員美國 GAAP: 現金存款會員2024-01-012024-09-300000887905美國 GAAP: 利率 WAP 會員美國 GAAP: 現金存款會員2023-07-012023-09-300000887905美國 GAAP: 利率 WAP 會員美國 GAAP: 現金存款會員2023-01-012023-09-300000887905有限責任公司:輔助住宅物業會員2024-07-012024-09-300000887905有限責任公司:輔助住宅物業會員2023-07-012023-09-300000887905有限責任公司:輔助住宅物業會員標準測試:MS2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員有限公司:佛羅里達 2 會員2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員有限公司:佛羅里達 1 會員2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員2023-01-012023-09-300000887905有限責任公司:輔助住宅物業會員STPR: 佛羅里達州2023-01-012023-03-310000887905有限責任公司:輔助住宅物業會員STPR: 佛羅里達州2022-10-012022-12-310000887905美國 GAAP: 由銷售出售或停止運營成員美國 GAAP: 後續事件成員2024-10-012024-10-310000887905美國 GAAP: 由銷售出售或停止運營成員2024-07-012024-09-300000887905美國 GAAP: 由銷售出售或停止運營成員2023-07-012023-09-300000887905美國 GAAP: 由銷售出售或停止運營成員2023-01-012023-09-300000887905美國高級協會:租賃在位置成員獲得2024-09-300000887905有限責任公司:實體資產稅務減免成員2024-09-300000887905美國高級協會:租賃在位置成員獲得2023-12-310000887905有限責任公司:實體資產稅務減免成員2023-12-310000887905有限責任公司:工作資本可收成員2024-09-300000887905有限責任公司:中國可獲得成員2024-09-300000887905有限責任公司:工作資本可收成員2023-12-310000887905有限責任公司:中國可獲得成員2023-12-310000887905美國 GAAP: 票據可收成員美國 GAAP: 公平價值投注 3 成員美國 GAAP: 空氣值估算空氣值封閉記住2024-09-300000887905美國 GAAP: 票據可收成員美國 GAAP: 承載報告金額公平價錢封閉記住2024-09-300000887905美國會計師範圍:財務承擔會員美國 GAAP: 空氣值估算空氣值封閉記住2024-09-300000887905美國會計師範圍:財務承擔會員美國 GAAP: 承載報告金額公平價錢封閉記住2024-09-300000887905有限公司:工作資本貸款可接收成員有限責任公司:總租賃協議會員2024-09-300000887905有限公司:工作資本貸款可接收成員2024-09-300000887905美國 GAAP: 票據可收成員美國 GAAP: 公平價值投注 3 成員美國 GAAP: 空氣值估算空氣值封閉記住2023-12-310000887905美國 GAAP: 票據可收成員美國 GAAP: 承載報告金額公平價錢封閉記住2023-12-310000887905美國會計師範圍:財務承擔會員美國 GAAP: 空氣值估算空氣值封閉記住2023-12-310000887905美國會計師範圍:財務承擔會員美國 GAAP: 承載報告金額公平價錢封閉記住2023-12-310000887905有限責任公司:中國可獲得成員有限責任公司:按揭貸款有 7.5 息到期 2024 會員2023-09-300000887905有限公司:工作資本貸款應收成員2024-09-300000887905LTC: 票據應收投資組合部分成員2024-09-300000887905有限責任公司:中心聯盟會員2024-09-300000887905有限責任公司:融資應收公司投資組合部門成員2024-09-300000887905LTC: 票據應收投資組合部分成員2023-12-310000887905有限責任公司:按揭貸款應收投資組合部門成員2023-12-310000887905有限責任公司:融資應收公司投資組合部門成員2023-12-310000887905LTC: 票據應收投資組合部分成員2024-01-012024-09-300000887905有限責任公司:按揭貸款應收投資組合部門成員2024-01-012024-09-300000887905LTC: 限制庫存和性能基於庫存的成員有限責任公司:每年期間投資2024-09-300000887905LTC: 限制庫存和性能基於庫存的成員有限責任公司:全期投資 3 月2024-09-300000887905LTC: 限制庫存和性能基於庫存的成員有限公司:穿透牙周2024-09-300000887905LTC: 限制庫存和性能基於庫存的成員有限責任公司:期間投資四名2024-09-300000887905LTC: 限制庫存和性能基於庫存的成員2024-09-300000887905美國 GAAP: 公共股成員2024-09-300000887905美國 GAAP: 公共股成員2023-09-300000887905美國 GAAP:網絡資金過度累積分佈成員2024-07-012024-09-300000887905美國 GAAP:網絡資金過度累積分佈成員2024-04-012024-06-300000887905美國 GAAP:網絡資金過度累積分佈成員2024-01-012024-03-310000887905美國 GAAP:網絡資金過度累積分佈成員2023-07-012023-09-300000887905美國 GAAP:網絡資金過度累積分佈成員2023-04-012023-06-300000887905美國 GAAP:網絡資金過度累積分佈成員2023-01-012023-03-310000887905有限公司:成熟於一九二零二六年十一月成熟成員美國 GAAP: 利率 WAP 會員美國 GAAP: 現金存款會員美國 GAAP: 公平價值投注 2 會員2024-09-300000887905有限公司:成熟於 192025 年十一月成熟成員美國 GAAP: 利率 WAP 會員美國 GAAP: 現金存款會員美國 GAAP: 公平價值投注 2 會員2024-09-300000887905美國 GAAP: 公平價值投注 2 會員2024-09-300000887905有限責任公司:期貸款成員2024-09-300000887905有限責任公司:高級無保債務成員2024-09-300000887905有限責任公司:期貸款成員2023-12-310000887905有限責任公司:高級無保債務成員2023-12-310000887905有限責任公司:期貸款成員2024-09-300000887905有限責任公司:高級無保債務成員2024-09-300000887905有限公司:成熟於一九二零二六年十一月成熟成員美國 GAAP: 利率 WAP 會員美國 GAAP: 現金存款會員美國 GAAP: 公平價值投注 2 會員2024-01-012024-09-300000887905有限公司:成熟於 192025 年十一月成熟成員美國 GAAP: 利率 WAP 會員美國 GAAP: 現金存款會員美國 GAAP: 公平價值投注 2 會員2024-01-012024-09-300000887905SRT: 最低成員美國 GAAP: 利率 WAP 會員2024-01-012024-09-300000887905SRT: 最大會員數美國 GAAP: 利率 WAP 會員2024-01-012024-09-300000887905美國 GAAP: 票據可收成員美國 GAAP: 公平價值投注 3 成員美國 GAAP: 測量輸入折扣代表2024-09-300000887905美國 GAAP: 按揭證券成員美國 GAAP: 公平價值投注 3 成員美國 GAAP: 測量輸入折扣代表2024-09-300000887905美國 GAAP: 票據可收成員美國 GAAP: 公平價值投注 3 成員美國 GAAP: 測量輸入折扣代表2023-12-310000887905美國 GAAP: 按揭證券成員美國 GAAP: 公平價值投注 3 成員美國 GAAP: 測量輸入折扣代表2023-12-310000887905美國高級認證:信用會員線2024-01-012024-09-300000887905有限責任公司:期貸款成員2024-01-012024-09-300000887905有限公司:尊榮醫療保健會員美國 GAAP: 資產總成員美國 GAAP: 信貸集中風險成員2024-01-012024-09-300000887905有限公司:尊榮醫療保健會員有限責任公司:來自抵押貸款的租金收入和利息收入成員美國 GAAP: 客戶集中風險成員2024-01-012024-09-300000887905有限公司:O 2024 年 12 月股息會員美國 GAAP: 後續事件成員2024-12-012024-12-310000887905有限責任公司:O 2024 年 11 月股息會員美國 GAAP: 後續事件成員2024-11-012024-11-300000887905有限公司:O 2024 年 10 月股息會員美國 GAAP: 後續事件成員2024-10-012024-10-310000887905美國 GAAP: 公共股成員2024-09-012024-09-300000887905美國 GAAP: 公共股成員2024-08-012024-08-310000887905美國 GAAP: 公共股成員2024-07-012024-07-310000887905美國 GAAP: 公共股成員2024-06-012024-06-300000887905美國 GAAP: 公共股成員2024-05-012024-05-310000887905美國 GAAP: 公共股成員2024-04-012024-04-300000887905美國 GAAP: 公共股成員2024-03-012024-03-310000887905美國 GAAP: 公共股成員2024-02-012024-02-290000887905美國 GAAP: 公共股成員2024-01-012024-01-310000887905美國 GAAP: 公共股成員2023-09-012023-09-300000887905美國 GAAP: 公共股成員2023-08-012023-08-310000887905美國 GAAP: 公共股成員2023-07-012023-07-310000887905美國 GAAP: 公共股成員2023-06-012023-06-300000887905美國 GAAP: 公共股成員2023-05-012023-05-310000887905美國 GAAP: 公共股成員2023-04-012023-04-300000887905美國 GAAP: 公共股成員2023-03-012023-03-310000887905美國 GAAP: 公共股成員2023-02-012023-02-280000887905美國 GAAP: 公共股成員2023-01-012023-01-310000887905有限責任公司:股權參與計劃 2021 會員2024-09-3000008879052023-09-3000008879052022-12-310000887905有限公司:物業其他會員2024-09-300000887905SRT: 合作關係利益會員有限公司:熟練護理財產會員STPR: 佛羅里達州有限公司:收購 202 會員2024-09-300000887905SRT: 合作關係利益會員有限責任公司:獨立客廳設施會員STPR: 或有限公司:收購 2018 會員2024-09-300000887905SRT: 合作關係利益會員有限責任公司:獨立輔助生活和記憶會員產品標準:哦有限公司:收購 2023 年會員2024-09-300000887905SRT: 合作關係利益會員有限責任公司:輔助住宅物業會員STPR: NC有限公司:收購二零二四會員2024-09-300000887905SRT: 合作關係利益會員有限責任公司:輔助生活和記憶護理財產會員產品代碼:SC有限公司:收購 2017 會員2024-09-300000887905SRT: 合作關係利益會員有限責任公司:輔助生活和記憶護理財產會員STPR: 或有限公司:收購 2018 會員2024-09-300000887905SRT: 合作關係利益會員有限責任公司:輔助生活和記憶護理財產會員STPR: NC有限公司:收購 2023 年會員2024-09-300000887905SRT: 合作關係利益會員有限責任公司:輔助生活和記憶護理財產會員LTC: 北卡羅來納和南卡羅來納州有限公司:收購二零二四會員2024-09-300000887905SRT: 合作關係利益會員2024-09-300000887905LTC: 限制庫存和性能基於庫存的成員2024-01-012024-09-300000887905LTC: 限制庫存和性能基於庫存的成員2023-01-012023-09-300000887905美國 GAAP: 額外付費無法成員2024-01-012024-03-310000887905美國 GAAP: 額外付費無法成員2023-04-012023-06-300000887905美國 GAAP: 額外付費無法成員2023-01-012023-03-310000887905有限責任公司:輔助住宅物業會員有限公司:工作資本貸款可接收成員有限責任公司:營運資本貸款以 7.4% 利率保障年度 2030 年2024-01-012024-09-300000887905美國 GAAP: 票據可收成員2024-01-012024-09-300000887905有限責任公司:聯邦公司會員美國 GAAP: 按揭成員有限責任公司:抵押貸款有 8.8 年息到期 2026 會員2024-01-012024-09-300000887905有限公司:熟練護理財產會員有限公司:工作資本貸款可接收成員有限責任公司:運作資本貸款零點零營運利率保證期 2028 會員2024-01-012024-09-300000887905有限公司:熟練護理財產會員有限公司:工作資本貸款可接收成員有限責任公司:運作資本貸款,利率 6.5 百分比保證金 2030 會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員有限公司:工作資本貸款可接收成員有限責任公司:工資本貸款零點零工作利率保障 2031 會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員有限公司:工作資本貸款可接收成員有限責任公司:利率 9 百分之工作資本貸款 2025 會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員有限公司:工作資本貸款可接收成員有限責任公司:利息率 8.3% 的工作資本貸款達到 2025 會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員有限公司:工作資本貸款可接收成員有限責任公司:營運資本貸款,利息率 7.4 百分之二零零三十會員2024-01-012024-09-300000887905SRT: 最低成員有限責任公司:高級無保債務成員2024-01-012024-09-300000887905SRT: 最大會員數有限責任公司:高級無保債務成員2024-01-012024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員2024-01-012024-09-300000887905有限公司:熟練護理財產會員有限責任公司:按揭貸款 10.3 年息到期 2045 會員2024-01-012024-09-300000887905有限公司:熟練護理財產會員STPR: 伊利諾有限責任公司:抵押貸款股份有 8.75 利率會員2023-01-012023-09-300000887905有限責任公司:熟練護理和輔助住宿設施財產會員有限責任公司:高級貸款會員產品標準:TX2024-04-012024-06-300000887905美國 GAAP: 由銷售出售或停止運營成員美國 GAAP: 後續事件成員2024-10-012024-10-010000887905有限責任公司:輔助住宅物業會員標準測試:MS2023-10-012023-12-310000887905有限責任公司:輔助住宅物業會員STPR: 佛羅里達州2023-04-012023-06-300000887905美國 GAAP: 後續事件成員有限公司:股權分配協議 2016 會員2024-10-310000887905有限公司:股權分配協議 2016 會員2024-09-300000887905美國 GAAP: 公共股成員有限公司:股權分配協議 2016 會員2024-01-012024-09-300000887905美國 GAAP: 公共股成員有限公司:股權分配協議 2016 會員2023-01-012023-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 由銷售出售或停止運營成員美國 GAAP: 後續事件成員2024-10-012024-10-010000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:按揭貸款有 9.9 息到期 2045 會員2024-01-012024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:抵押貸款有 8.8 年利息到期 2028 會員2024-01-012024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:按揭貸款有 10.8 年息到期 2043 會員2024-01-012024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:按揭貸款 10.5 年息到期 2045 會員2024-01-012024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:按揭貸款 10.3 年息到期 2045 會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:抵押貸款有 8.8 年息到期 2025 會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:按揭貸款有 7.8 年息到期 2025 會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:按揭貸款有 7.5 息到期 2024 會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:按揭貸款,有 7.3息到期至 2025 年月2024-01-012024-09-300000887905美國 GAAP: 按揭成員2024-01-012024-09-300000887905有限公司:熟練護理財產會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員2024-01-012024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯邦公司會員有限責任公司:聯合企業會員商業標準:華盛頓2024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯合式 FMC 成員有限責任公司:聯合企業會員商業標準:華盛頓2024-09-300000887905有限責任公司:聯邦公司會員美國 GAAP: 按揭成員有限責任公司:抵押貸款有 8.8 年息到期 2026 會員2024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:按揭貸款有 9.9 息到期 2045 會員2024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:抵押貸款有 8.8 年利息到期 2028 會員2024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:按揭貸款有 10.8 年息到期 2043 會員2024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:按揭貸款 10.5 年息到期 2045 會員2024-09-300000887905有限公司:熟練護理財產會員美國 GAAP: 按揭成員有限責任公司:按揭貸款 10.3 年息到期 2045 會員2024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:抵押貸款有 8.8 年息到期 2025 會員2024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:按揭貸款有 7.8 年息到期 2025 會員2024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:按揭貸款有 7.5 息到期 2024 會員2024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:按揭貸款,有 7.3息到期至 2025 年月2024-09-300000887905有限公司:熟練護理財產會員2024-09-300000887905有限公司:其他長者住宅物業會員2024-09-300000887905有限責任公司:輔助住宅物業會員2024-09-300000887905有限責任公司:股權參與計劃 2015 會員2024-09-3000008879052023-01-012023-12-310000887905標準普爾:GA有限責任公司:獨立住宅社區物業 203 個單位成員美國 GAAP: 後續事件成員2024-10-012024-10-010000887905標準時間:月有限責任公司:法蘭德包裹成員2024-01-012024-09-300000887905STPR: MI有限公司:熟練護理設施床位 15 人2024-01-012024-09-300000887905STPR: 洛杉磯有限公司:熟練護理設施床鋪 189 名成員2024-01-012024-09-300000887905有限公司:工作資本貸款可接收成員有限責任公司:總租賃協議會員2024-01-012024-09-300000887905有限公司:工作資本貸款可接收成員2024-01-012024-09-300000887905有限責任公司:一般會員的附屬公司美國會計師範圍:財務承擔會員2023-01-012023-09-300000887905有限公司:尊榮醫療保健會員有限公司:熟練護理財產會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員STPR: 可以有限公司:新的主租賃協議會員2023-11-012023-11-300000887905有限責任公司:輔助住宅物業會員STPR: NC有限公司:新的主租賃協議會員2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員有限責任公司:科羅拉多肯薩索日和德克薩斯成員有限公司:新的主租賃協議會員2023-01-012023-12-310000887905STPR: 無線網路有限公司:新的主租賃協議會員2024-01-012024-09-300000887905產品標準:TX有限公司:新的主租賃協議會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員產品標準:TX美國 GAAP: 由銷售出售或停止運營成員有限責任公司:兩個國家來自聯合委員會成員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員STPR: 可以有限公司:新的主租賃協議會員2023-12-310000887905有限責任公司:輔助住宅物業會員STPR: NC有限公司:新的主租賃協議會員2023-12-310000887905有限責任公司:輔助住宅物業會員有限責任公司:科羅拉多肯薩索日和德克薩斯成員有限公司:新的主租賃協議會員2023-12-310000887905有限公司:新的主租賃協議會員2023-12-310000887905有限責任公司:輔助住宅物業會員標準測試:MS2023-12-310000887905有限責任公司:輔助住宅物業會員有限公司:佛羅里達 2 會員2023-12-310000887905有限責任公司:輔助住宅物業會員有限公司:佛羅里達 1 會員2023-12-310000887905有限責任公司:輔助住宅物業會員2023-12-310000887905有限責任公司:輔助住宅物業會員產品標準:TX美國 GAAP: 銷售集團維護銷售和停止運營成員2024-09-300000887905有限責任公司:輔助住宅物業會員STPR: 無線網路美國 GAAP: 銷售集團維護銷售和停止運營成員2023-12-310000887905有限責任公司:輔助住宅物業會員標準測試:MS美國 GAAP: 由銷售出售或停止運營成員2023-06-300000887905有限責任公司:輔助住宅物業會員STPR: 佛羅里達州美國 GAAP: 由銷售出售或停止運營成員2023-06-300000887905有限責任公司:輔助住宅物業會員標準測試:MS美國 GAAP: 由銷售出售或停止運營成員2023-03-310000887905有限責任公司:輔助住宅物業會員STPR: 佛羅里達州美國 GAAP: 由銷售出售或停止運營成員2023-03-310000887905有限責任公司:一般會員的附屬公司有限責任公司:輔助住宅物業會員STPR: NC2024-09-300000887905有限責任公司:一般會員的附屬公司有限責任公司:輔助生活和記憶護理財產會員產品代碼:SC2024-09-300000887905有限責任公司:一般會員的附屬公司有限責任公司:輔助生活和記憶護理財產會員STPR: NC2024-09-300000887905有限責任公司:一般會員的附屬公司有限責任公司:輔助生活和記憶護理財產會員LTC: 北卡羅來納和南卡羅來納州2024-09-300000887905有限責任公司:輔助住宅物業會員STPR: 佛羅里達州美國 GAAP: 按揭成員有限公司:新的主租賃協議會員2023-12-310000887905有限公司:其他長者住宅物業會員2024-01-012024-09-300000887905有限責任公司:總租賃協議會員2024-01-012024-09-300000887905STPR: 佛羅里達州有限責任公司:融資應收款項 7.25 年利率保證年度 2032 會員2022-01-012022-12-310000887905有限責任公司:一般會員的附屬公司美國會計師範圍:財務承擔會員2024-01-012024-09-300000887905有限責任公司:融資應收公司投資組合部門成員2024-01-012024-09-300000887905美國 GAAP: 利率 WAP 會員2024-09-300000887905美國 GAAP: 按揭成員2024-09-300000887905有限責任公司:按揭貸款應收投資組合部門成員2024-09-300000887905有限責任公司:輔助住宅物業會員LTC: 北卡羅來納和南卡羅來納州有限責任公司:融資應收款項 7.25 年利率保證年度 2034 會員2024-01-012024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員LTC: 北卡羅來納和南卡羅來納州有限責任公司:融資應收款項 7.25 年利率保證年度 2034 會員2024-01-012024-09-300000887905美國會計師範圍:財務承擔會員2022-01-012024-09-300000887905有限公司:熟練護理財產會員STPR: 佛羅里達州有限責任公司:融資應收款項 7.25 年利率保證年度 2032 會員2022-01-012022-12-310000887905有限責任公司:輔助住宅物業會員產品代碼:SC有限公司:新的主租賃協議會員2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員STPR: 可以有限公司:新的主租賃協議會員2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員STPR: 否美國 GAAP: 由銷售出售或停止運營成員2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員STPR: 佛羅里達州有限公司:新的主租賃協議會員2023-01-012023-12-310000887905有限公司:新的主租賃協議會員2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員STPR: 可以有限責任公司:購買選項在租賃配置會員2023-12-310000887905有限責任公司:輔助生活和記憶護理財產會員STPR: NC有限責任公司:購買選項在租賃配置會員2023-12-310000887905有限責任公司:獨立輔助生活和記憶會員標準普爾:GA美國 GAAP: 按揭成員2023-09-300000887905有限責任公司:中國可獲得成員2023-01-012023-09-300000887905有限責任公司:科技工程師生活會員有限責任公司:獨立輔助生活和記憶會員產品標準:哦2023-12-310000887905有限責任公司:熟練護理和輔助住宿設施財產會員有限責任公司:高級貸款會員產品標準:TX有限責任公司:按揭貸款附利息 9.15 會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:抵押貸款股份有 8.75 利率會員2023-07-012023-09-300000887905有限責任公司:其他按揭成員2024-01-012024-09-3000008879052023-12-310000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:抵押貸款股份有 8.75 利率會員2023-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:抵押貸款股份有 8.75 利率會員有限公司:新的主租賃協議會員2023-01-012023-12-310000887905有限責任公司:第三名信貸協議成員2024-09-300000887905有限責任公司:循環信貸便利更改為單位信貸協議成員2024-09-300000887905有限責任公司:總租賃協議會員2024-06-300000887905有限公司:熟練護理財產會員產品標準:TX有限責任公司:總租賃協議會員2024-06-300000887905LTC: 記憶體護理屬性成員產品標準:TX有限責任公司:購買選項在租賃配置會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員STPR: 可以有限責任公司:購買選項在租賃配置會員2023-01-012023-12-310000887905有限公司:熟練護理財產會員產品標準:TX有限責任公司:總租賃協議會員2024-01-012024-03-310000887905有限公司:布魯克代爾梅爾有限責任公司:輔助住宅物業會員有限公司:新的主租賃協議會員2024-01-012024-01-310000887905有限公司:布魯克代爾梅爾有限責任公司:輔助住宅物業會員有限公司:新的主租賃協議會員2024-01-310000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:組合成員組合有限責任公司:聯合企業會員商業標準:華盛頓2024-01-012024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員LTC: 組合影片社群會員有限責任公司:聯合企業會員商業標準:華盛頓2024-01-012024-09-300000887905有限責任公司:熟練護理和輔助住宿設施財產會員有限責任公司:高級貸款會員產品標準:TX2024-01-012024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯合式 FMC 成員SRT: 最低成員有限責任公司:聯合企業會員有限責任公司:國際與十四成員之間的內部交易率2024-01-012024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯合式 FMC 成員SRT: 最大會員數有限責任公司:聯合企業會員有限責任公司:國際與十四成員之間的內部交易率2024-01-012024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯合式 FMC 成員有限責任公司:聯合企業會員有限責任公司:內部交易率-單位成員2024-01-012024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員STPR: NC有限責任公司:融資應收款項 7.25 年利率保證年度 2034 會員2024-04-012024-06-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯合式 FMC 成員SRT: 最低成員有限責任公司:聯合企業會員商業標準:華盛頓有限責任公司:內部交易率-單位成員2024-01-012024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯合式 FMC 成員SRT: 最大會員數有限責任公司:聯合企業會員商業標準:華盛頓有限責任公司:內部交易率-單位成員2024-01-012024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯邦公司會員有限責任公司:聯合企業會員商業標準:華盛頓2024-01-012024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員LTC: 北卡羅來納和南卡羅來納州有限責任公司:購買選項在租賃配置會員2024-01-012024-09-300000887905有限責任公司:二零二零二四至二零二零二八年期間有限公司STPR: NC有限責任公司:購買選項在租賃配置會員2024-01-012024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員STPR: NC有限責任公司:購買選項在租賃配置會員2023-01-012023-12-310000887905有限責任公司:輔助生活和記憶護理財產會員STPR: NC有限責任公司:融資應收款項 7.25 年利率保證年度 2033 會員2023-01-012023-12-310000887905有限責任公司:中國可獲得成員2023-01-012023-03-310000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:抵押貸款股份有 8.75 利率會員2024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:抵押貸款有 8.8 年息到期 2026 會員2023-09-300000887905有限公司:熟練護理財產會員LTC: 改進項目成員有限責任公司:開發和改進項目成員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員LTC: 改進項目成員有限責任公司:開發和改進項目成員2024-01-012024-09-300000887905LTC: 改進項目成員有限責任公司:開發和改進項目成員2024-01-012024-09-300000887905有限公司:房地產物業承諾成員2024-01-012024-09-300000887905有限責任公司:票據可應收委員2024-01-012024-09-300000887905有限責任公司:按揭承諾成員2024-01-012024-09-300000887905有限責任公司:聯合企業投資承諾成員2024-01-012024-09-300000887905有限責任公司:緊急工作人員2024-01-012024-09-300000887905有限公司:熟練護理財產會員LTC: 改進項目成員有限責任公司:開發和改進項目成員2023-01-012023-09-300000887905有限公司:其他長者住宅物業會員LTC: 改進項目成員有限責任公司:開發和改進項目成員2023-01-012023-09-300000887905有限責任公司:輔助住宅物業會員LTC: 改進項目成員有限責任公司:開發和改進項目成員2023-01-012023-09-300000887905LTC: 改進項目成員有限責任公司:開發和改進項目成員2023-01-012023-09-300000887905美國 GAAP: 建築貸款成員2024-09-300000887905有限公司:房地產物業承諾成員2024-09-300000887905有限責任公司:票據可應收委員2024-09-300000887905有限責任公司:按揭承諾成員2024-09-300000887905有限責任公司:應急資金承諾成員2024-09-300000887905有限責任公司:緊急工作人員2024-09-3000008879052024-09-300000887905有限責任公司:輔助住宅物業會員有限責任公司:中國可獲得成員有限責任公司:中間投資與夜點利率百分比保證明年度 2028 會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員有限責任公司:中國可獲得成員有限責任公司:中額利率 8 百分之二零二七會員2024-01-012024-09-300000887905有限責任公司:科技工程師生活會員有限責任公司:獨立輔助生活和記憶會員產品標準:哦2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員STPR: NC美國 GAAP: 按揭成員有限責任公司:按揭貸款,有 7.3息到期至 2025 年月有限責任公司:輔助生活設施單位會員2023-01-012023-09-300000887905有限責任公司:獨立輔助生活和記憶會員標準普爾:GA美國 GAAP: 按揭成員2023-01-012023-09-300000887905有限公司:物業其他會員STPR: KS2024-09-300000887905有限責任公司:輔助住宅物業會員產品標準:TX美國 GAAP: 由銷售出售或停止運營成員有限責任公司:聯合中心成員的一個單位2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員產品標準:TX美國 GAAP: 由銷售出售或停止運營成員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員STPR: 佛羅里達州美國 GAAP: 由銷售出售或停止運營成員2024-01-012024-09-300000887905美國 GAAP: 由銷售出售或停止運營成員2024-01-012024-09-300000887905有限公司:熟練護理財產會員STPR: 奈米美國 GAAP: 由銷售出售或停止運營成員2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員標準證書:PA美國 GAAP: 由銷售出售或停止運營成員2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員產品名稱:新澤西美國 GAAP: 由銷售出售或停止運營成員2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員產品名稱:KY美國 GAAP: 由銷售出售或停止運營成員2023-01-012023-12-310000887905有限責任公司:輔助住宅物業會員STPR: 佛羅里達州美國 GAAP: 由銷售出售或停止運營成員2023-01-012023-12-310000887905美國 GAAP: 由銷售出售或停止運營成員2023-01-012023-12-310000887905有限責任公司:輔助生活和記憶護理財產會員STPR: MI有限責任公司:抵押貸款股份有 8.75 利率會員2024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員STPR: NC有限責任公司:融資應收款項 7.25 年利率保證年度 2033 會員2024-01-012024-09-300000887905美國高級協會:家長會員2024-07-012024-09-300000887905美國 GAAP: 累積其他全面收入會員2024-07-012024-09-300000887905美國高級協會:家長會員2024-04-012024-06-300000887905美國 GAAP: 累積其他全面收入會員2024-04-012024-06-3000008879052024-04-012024-06-300000887905美國高級協會:家長會員2024-01-012024-03-310000887905美國 GAAP: 累積其他全面收入會員2024-01-012024-03-3100008879052024-01-012024-03-310000887905美國高級協會:家長會員2023-07-012023-09-300000887905美國 GAAP: 累積其他全面收入會員2023-07-012023-09-3000008879052023-07-012023-09-300000887905美國高級協會:家長會員2023-04-012023-06-300000887905美國 GAAP: 累積其他全面收入會員2023-04-012023-06-3000008879052023-04-012023-06-300000887905美國高級協會:家長會員2023-01-012023-03-310000887905美國 GAAP: 累積其他全面收入會員2023-01-012023-03-3100008879052023-01-012023-03-310000887905有限責任公司:一般會員的附屬公司2024-04-012024-06-300000887905有限責任公司:一般會員的附屬公司有限責任公司:輔助生活和記憶護理財產會員LTC: 北卡羅來納和南卡羅來納州2024-01-012024-09-300000887905有限公司:專業護理中心會員2024-09-300000887905有限責任公司:輔助住宅物業會員STPR: 無線網路美國 GAAP: 由銷售出售或停止運營成員2024-01-012024-09-300000887905有限責任公司:第三名信貸協議成員2024-01-042024-01-040000887905有限責任公司:第三名信貸協議成員2024-01-012024-09-300000887905美國高級認證:信用會員線2024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:熟練護理和輔助住宿設施財產會員有限責任公司:聯合企業會員2024-01-012024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯合式 FMC 成員有限責任公司:聯合企業會員2024-01-012024-09-300000887905有限公司:物業其他會員2024-01-012024-09-300000887905有限公司:專業護理中心會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員2023-01-012023-12-310000887905有限公司:熟練護理財產會員產品標準:TX有限責任公司:購買選項在租賃配置會員2022-01-012022-12-310000887905有限責任公司:獨立輔助生活和記憶會員STPR: 伊利諾美國 GAAP: 按揭成員2024-01-012024-09-300000887905有限責任公司:輔助生活和記憶護理財產會員STPR: MI有限責任公司:抵押貸款股份有 8.75 利率會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員美國 GAAP: 按揭成員有限責任公司:抵押貸款有 8.8 年息到期 2026 會員2023-07-012023-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:組合成員組合有限責任公司:聯合企業會員2024-01-012024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯合企業會員2024-01-012024-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯邦公司會員有限責任公司:聯合企業會員2023-01-012023-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯合式 FMC 成員有限責任公司:聯合企業會員2023-01-012023-09-300000887905美國 GAAP: 可變利益單位不是主要受益成員有限責任公司:聯合企業會員2023-01-012023-09-300000887905有限責任公司:總租賃協議會員2024-04-012024-06-300000887905有限公司:新的主租賃協議會員2024-01-012024-09-300000887905有限責任公司:輔助住宅物業會員STPR: NC有限公司:新的主租賃協議會員2024-01-012024-01-310000887905有限責任公司:聯合企業投資承諾成員2024-09-300000887905有限責任公司:熟練護理和輔助住宿設施財產會員有限責任公司:高級貸款會員產品標準:TX2024-06-3000008879052023-01-012023-09-300000887905美國會計師範圍:財務承擔會員2024-01-012024-09-300000887905美國會計師範圍:財務承擔會員2023-01-012023-09-300000887905有限責任公司:輔助住宅物業會員LTC: 北卡羅來納和南卡羅來納州有限責任公司:融資應收款項 7.25 年利率保證年度 2034 會員2024-04-012024-06-300000887905有限責任公司:輔助生活和記憶護理財產會員LTC: 北卡羅來納和南卡羅來納州有限責任公司:融資應收款項 7.25 年利率保證年度 2034 會員2024-04-012024-06-300000887905有限責任公司:一般會員的附屬公司有限責任公司:輔助住宅物業會員STPR: NC2024-01-012024-09-300000887905有限責任公司:一般會員的附屬公司2024-01-012024-09-3000008879052024-07-012024-09-3000008879052024-10-2200008879052024-01-012024-09-30有限責任公司:中心有限公司:貸款Ltd: 狀態ISO417: 美元ltc: 物品ISO417: 美元xbrli: 股份ltc: 區段xbrli: 股份ISO417: 美元xbrli: 純ltc: 物品株式會社:屬性長度:週期有限公司:借款人有限責任公司:選項有限公司:租賃

目錄

美國

證券交易委員會

華盛頓特區20549

表格 10-Q

(標記一個)

根據1934年證券交易法第13或15(d)條款的季度報告。

截至2024年6月30日季度結束 2024年9月30日

根據1934年證券交易法第13或15(d)條款的過渡報告

從____到____的過渡期間

委員會文件編號 1-11314

LTC PROPERTIES, INC.

(依照公司章程規定指定的登記證券名稱)

馬里蘭州。

71-0720518

(依據所在地或其他管轄區)

(國稅局雇主識別號碼)

的註冊地或組織地點)

識別號碼)

3011 Townsgate Road, Suite 220

Westlake Village, 加利福尼亞州 91361

(總辦事處地址,包括郵遞區號)

(805) 981-8655

(註冊人電話號碼,包括區號)

根據法案第12(b)條規定註冊的證券:

每種類別的名稱

交易標的

每個註冊交易所的名稱

普通股,每股標的價值$0.01

長期護理

紐約證券交易所

請用勾選符號表示登記者(1)是否在過去12個月內按照1934年證券交易所法案第13條或第15(d)條的要求提交了所有要提交的報告(或在登記者被要求提交該報告的較短期間),以及(2)在過去90天內是否已經受到此類報告要求的規定。

請勾選表示,是否申報人在之前的12個月內(或者在申報人被要求提交此類文件的較短時期內)已根據S-t法規第405條(本章第232.405條)提交了每個交互式數據文件。

請勾選表示,申報人是大型加速檔案機構、加速檔案機構、非加速檔案機構、小型報告公司還是新興增長公司。詳情請參閱《證券交易法》第1202條中“大型加速檔案機構”、“加速檔案機構”、“小型報告公司”和“新興增長公司”的定義。

大型加速歸檔人

加速進入文件

非加速申報者

較小的報告公司

新興成長型公司

如果是新興成長企業,則在該勾選欄中註明,證明登記公司已選擇不使用根據《交易所法》第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期。 ¨

請勾選表示,公司是否為殼公司(依據交易法令第120億2條所定義)。

2024年10月22日持有的普通股份數目為 45,260,754.

目錄

LTC PROPERTIES, INC.

表格10-Q

2024年9月30日

指数

第一部分 -- 基本報表

頁面

项目1。

基本報表

合併資產負債表

3

綜合損益表

4

綜合損益表

5

綜合權益變動表

6

綜合現金流量表

7

基本報表註

8

项目2。

管理層對財務狀況和業績的討論與分析

31

项目3。

有關市場風險的定量和定性披露

54

项目4。

內部控制及程序

54

第二部分--其他信息

项目1。

法律訴訟

55

项目1A。

風險因素

55

项目2。

股票權益的未註冊銷售和資金用途

55

项目5。

其他信息

55

第6項。

展品

56

目錄

LTC PROPERTIES, INC.

合併資產負債表S

(金額以千位計,每份股票除外)

    

    

 

2024年9月30日

2023年12月31日

(未經審計)

(已核准)

資產

投資:

土地

$

118,382

$

121,725

建築和修繕

 

1,217,954

 

1,235,600

累積折舊和攤銷

 

(398,080)

 

(387,751)

經營房地產業資產、淨額

 

938,256

 

969,574

持有待售物業資產、減除累計折舊:2024年—$1,794; 2023—$3,616

 

4,058

 

18,391

房地產投資,凈利潤

 

942,314

 

987,965

融資應收款項,減除信用虧損準備:2024—$3,615; 2023—$1,980

357,889

196,032

Mortgage loans receivable, net of credit loss reserve: 2024—$3,638; 2023—$4,814

 

360,776

 

477,266

房地產投資,淨額

 

1,660,979

 

1,661,263

應收票據淨額,扣除信用損失備抵:2024年—$482; 2023—$611

 

47,691

 

60,490

1,377,319

30,602

19,340

投資,淨值

 

1,739,272

 

1,741,093

其他資產:

現金及現金等價物

 

35,040

 

20,286

與循環信貸額度相關的債務發行成本

 

1,548

 

1,557

應收利息

 

58,421

 

53,960

直線租金應收款

 

18,677

 

19,626

租賃獎勵

3,584

2,607

預付費用及其他資產

 

15,095

 

15,969

資產總額

$

1,871,637

$

1,855,098

負債

循環信用額度

$

240,150

$

302,250

Term loans, net of debt issue costs: 2024—$229; 2023—$342

99,771

99,658

償還無抵押票據,扣除債務發行成本:2024年—$1,098; 2023—$1,251

 

445,402

 

489,409

應計利息

 

3,757

 

3,865

應計費用及其他負債

 

41,120

 

43,649

總負債

 

830,200

 

938,831

股東權益

股東權益:

普通股: $0.01 面額為0.0001; 60,000 已授權股份 已發行股份 發行的 及流通股:  2024—45,034; 202343,022

 

450

 

430

超過票面價值的股本

 

1,062,374

 

991,656

Cumulative net income

 

1,707,352

 

1,634,395

累積其他綜合收益

 

3,639

 

6,110

累積分配

 

(1,825,996)

 

(1,751,312)

LTC Properties, Inc. 的股東權益總額

 

947,819

 

881,279

非控制股權

 

93,618

 

34,988

總股本

 

1,041,437

 

916,267

負債加股東權益總額

$

1,871,637

$

1,855,098

請參閱附註。

3

目錄

LTC PROPERTIES, INC.

綜合收入報表E

(金額以千元為單位,每股除外,未經審核)

三個月結束了

截至九個月

 

九月三十日

九月三十日

  

2024

  

2023

  

2024

  

2023

 

 

收入:

租金收入

$

32,258

$

31,589

$

97,464

$

94,861

來自融資應收款項的利息收入

7,001

3,832

14,661

11,413

按揭貸款利息收入

 

10,733

12,247

 

35,842

 

35,417

利息及其他收入

 

5,791

 

1,635

 

9,298

 

5,358

總收益

 

55,783

 

49,303

 

157,265

 

147,049

費用:

利息費用

 

10,023

 

12,674

 

31,971

 

34,595

折舊與攤提

 

9,054

 

9,499

 

27,173

 

28,085

資產減損損失

12,510

信用損失準備

 

215

 

189

 

942

 

2,107

交易成本

33

329

679

537

物業稅費用

3,186

3,271

9,816

9,751

總部及行政費用

 

6,765

 

5,959

 

20,016

 

18,344

總支出

 

29,276

 

31,921

 

90,597

 

105,929

其他營業收入:

出售房地產業所獲利淨額

3,663

4,870

6,882

20,545

營收

 

30,170

 

22,252

 

73,550

 

61,665

來自未合併聯合企業的收入

692

375

1,739

1,127

凈利潤

30,862

22,627

75,289

62,792

收入分配給非控股權益

 

(1,496)

 

(430)

 

(2,332)

 

(1,287)

歸屬於LTC Properties, Inc.的凈利潤

 

29,366

 

22,197

72,957

 

61,505

分配給優先證券的收益

 

(201)

(147)

(511)

 

(440)

可供普通股股東使用的凈利潤

$

29,165

$

22,050

$

72,446

$

61,065

每股普通股收益:

基礎

$

0.66

$

0.54

$

1.67

$

1.48

稀釋

$

0.66

$

0.54

$

1.65

$

1.48

用於計算每股普通股收益的加權平均股份:

基礎

 

43,868

 

41,153

 

43,313

 

41,127

稀釋

 

44,394

 

41,211

 

43,839

 

41,185

每普通股宣布並支付的股息

$

0.57

$

0.57

$

1.71

$

1.71

請參閱附註。

4

目錄

LTC物業公司

綜合收益表

(金額單位爲千,未經審計)

三個月結束

截止到九個月

截至9月30日,

截至9月30日,

  

2024

  

2023

  

2024

  

2023

 

淨利潤

$

30,862

$

22,627

$

75,289

$

62,792

重新分類前的現金流 hedge 未實現收益

 

(1,289)

 

1,034

 

655

 

2,629

從累計其他綜合收益重新分類到利息支出的收益

(1,037)

(1,006)

(3,126)

(2,752)

綜合收益

28,536

22,655

72,818

62,669

減少:分配給非控股權益的綜合收益

 

(1,496)

 

(430)

 

(2,332)

 

(1,287)

歸屬於 LTC Properties, Inc. 的綜合收益

$

27,040

$

22,225

$

70,486

$

61,382

5

目錄

LTC物業公司

合併股東權益表

(金額單位爲千)

資本在

累計

總計

非-

普通股

超出

累計

累計

股東的

控制

總計

Shares

金額

面值

收入

其他綜合收益

分配

Equity

權益

Equity

餘額—2022年12月31日

41,262

$

412

$

931,124

$

1,544,660

$

8,719

$

(1,656,548)

$

828,367

$

21,940

$

850,307

普通股發行

48

1,697

1,697

1,697

限制性股票的發行

128

1

(1)

普通股現金分配($0.57 每份股份)

(23,563)

(23,563)

(23,563)

基於股票的薪酬費用

2,088

2,088

2,088

淨利潤

33,134

33,134

427

33,561

以普通股支付的稅款

(41)

(1,538)

(1,538)

(1,538)

非控股權益貢獻

3,831

3,831

非控股權益分配

(406)

(406)

利率互換的公允市場估值調整

(1,362)

(1,362)

(1,362)

其他

(1)

餘額—2023年3月31日

41,396

$

413

$

933,370

$

1,577,794

$

7,357

$

(1,680,111)

$

838,823

$

25,792

$

864,615

限制股票的發行

15

普通股現金分配($0.57 每份股份)

(23,599)

(23,599)

(23,599)

基於股票的薪酬費用

2,138

2,138

2,138

淨利潤

6,174

6,174

430

6,604

以普通股代替支付的現金稅款

(2)

(81)

(81)

(81)

非控股權益貢獻

9,133

9,133

非控股權益分配

(406)

(406)

利率掉期的公平市場估值調整

1,211

1,211

1,211

結餘—2023年6月30日

41,409

$

413

$

935,427

$

1,583,968

$

8,568

$

(1,703,710)

$

824,666

$

34,949

$

859,615

普通股發行

限制性股票的發行

3

普通股現金分配($0.57 每份股份)

(23,605)

(23,605)

(23,605)

基於股票的薪酬費用

2,123

2,123

2,123

淨利潤

22,197

22,197

430

22,627

非控股權益分配

(405)

(405)

利率互換的公允市場估值調整

28

28

28

餘額—2023年9月30日

41,412

$

413

$

937,550

$

1,606,165

$

8,596

$

(1,727,315)

$

825,409

$

34,974

$

860,383

餘額—2023年12月31日

43,022

$

430

$

991,656

$

1,634,395

$

6,110

$

(1,751,312)

$

881,279

$

34,988

$

916,267

普通股發行

139

1

4,336

4,337

4,337

限制性股票的發行

160

2

(2)

普通股現金分配($0.57 每份股份)

(24,616)

(24,616)

(24,616)

基於股票的薪酬費用

2,202

2,202

2,202

淨利潤

24,230

24,230

459

24,689

利率互換的公平市場價值調整

378

378

378

以普通股代替支付的稅款

(50)

(1,532)

(1,532)

(1,532)

非控股權益貢獻

50

50

非控股權益分配

(2,904)

(2,904)

其他

(29)

(29)

(29)

餘額—2024年3月31日

43,271

$

433

$

996,631

$

1,658,625

$

6,488

$

(1,775,928)

$

886,249

$

32,593

$

918,842

普通股發行

204

2

6,519

6,521

6,521

限制性股票的發行

16

普通股現金分配($0.57 每份股份)

(24,787)

(24,787)

(24,787)

基於股票的薪酬費用

2,320

2,320

2,320

淨利潤

19,361

19,361

377

19,738

利率掉期的公允市場價值調整

(523)

(523)

(523)

以普通股支付的稅款

非控股權益貢獻

61,025

61,025

非控制性權益分配

(377)

(377)

其他

(2)

(2)

(2)

餘額—2024年6月30日

43,491

$

435

$

1,005,468

$

1,677,986

$

5,965

$

(1,800,715)

$

889,139

$

93,618

$

982,757

普通股發行

1,543

15

54,637

54,652

54,652

普通股現金分配($0.57 每份股份)

(25,281)

(25,281)

(25,281)

基於股票的薪酬費用

2,269

2,269

2,269

淨利潤

29,366

29,366

1,496

30,862

利率掉期的公允市場估值調整

(2,326)

(2,326)

(2,326)

非控股利益分配

(1,496)

(1,496)

餘額—2024年9月30日

45,034

$

450

$

1,062,374

$

1,707,352

$

3,639

$

(1,825,996)

$

947,819

$

93,618

$

1,041,437

6

Table of Contents

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands, unaudited)

Nine Months Ended September 30, 

 

  

2024

  

2023

  

 

OPERATING ACTIVITIES:

    

    

Net income

$

75,289

$

62,792

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

 

27,173

 

28,085

Stock-based compensation expense

 

6,791

 

6,349

Impairment loss

12,510

Gain on sale of real estate, net

 

(6,882)

 

(20,545)

Income from unconsolidated joint ventures

 

(1,739)

 

(1,127)

Income distributions from unconsolidated joint ventures

839

Straight-line rental adjustment

561

 

1,635

Exchange of prepayment fee for participating interest in mortgage loan

(1,380)

Adjustment for collectability of lease incentives and rental income

321

26

Amortization of lease incentives

626

584

Provision for credit losses

 

942

 

2,107

Application of interest reserve

(233)

(1,788)

Amortization of debt issue costs

791

900

Other non-cash items, net

 

71

 

71

Change in operating assets and liabilities

Lease incentives funded

(1,794)

(1,023)

Increase in interest receivable

 

(7,124)

 

(8,605)

Decrease in accrued interest payable

 

(108)

 

(1,341)

Net change in other assets and liabilities

 

(3,645)

 

(318)

Net cash provided by operating activities

 

91,879

 

78,932

INVESTING ACTIVITIES:

Investment in real estate properties

 

(319)

 

(43,759)

Investment in real estate capital improvements

 

(9,908)

 

(5,053)

Proceeds from sale of real estate, net

 

33,641

 

51,410

Investment in financing receivables

(97)

(112,712)

Investment in real estate mortgage loans receivable

 

(19,078)

 

(72,260)

Principal payments received on mortgage loans receivable

 

34,474

 

301

Investments in unconsolidated joint ventures

 

(11,262)

 

Advances and originations under notes receivable

 

(340)

 

(19,258)

Principal payments received on notes receivable

 

13,268

 

7,077

Net cash provided by (used in) investing activities

 

40,379

 

(194,254)

FINANCING ACTIVITIES:

Borrowings from revolving line of credit

 

19,200

 

274,450

Repayment of revolving line of credit

 

(81,300)

 

(42,200)

Principal payments on senior unsecured notes

(44,160)

(44,160)

Proceeds from common stock issued

 

65,629

 

1,777

Distributions paid to stockholders

 

(74,684)

 

(70,767)

Distributions paid to non-controlling interests

 

(109)

 

(1,217)

Financing costs paid

 

(516)

 

(19)

Cash paid for taxes in lieu of shares upon vesting of restricted stock

(1,533)

(1,619)

Other

 

(31)

 

Net cash (used in) provided by financing activities

 

(117,504)

 

116,245

Increase in cash and cash equivalents

 

14,754

 

923

Cash and cash equivalents, beginning of period

 

20,286

 

10,379

Cash and cash equivalents, end of period

$

35,040

$

11,302

Supplemental disclosure of cash flow information:

Interest paid

$

31,288

$

35,036

Non-cash investing and financing transactions:

Contribution from non-controlling interest

$

61,025

$

12,965

Investment in financing receivables

$

(163,460)

$

Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan

$

$

(8,841)

Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables

$

102,435

$

Reserves withheld at financing and mortgage loan receivable origination

$

$

(5,147)

Accretion of interest reserve recorded as mortgage loan receivable

$

233

$

1,788

Decrease in fair value of interest rate swap agreements

$

(2,471)

$

(123)

Distributions paid to non-controlling interests

$

2,313

$

Distributions paid to non-controlling interests related to property sale

$

2,305

$

Mortgage loan receivable reserve withheld at origination

$

$

1,506

See accompanying notes.

7

Table of Contents

LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.

General

LTC Properties, Inc., a health care real estate investment trust (“REIT”), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. We invest primarily in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint ventures and structured finance solutions including preferred equity and mezzanine lending. We conduct and manage our business as one operating segment, rather than multiple operating segments, for internal reporting and internal decision-making purposes. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in seniors housing and health care properties managed by experienced operators. Our primary seniors housing and health care property classifications include skilled nursing centers (“SNF”), assisted living communities (“ALF”), independent living communities (“ILF”), memory care communities (“MC”) and combinations thereof. We also invest in other (“OTH”) types of properties, such as land parcels, projects under development (“UDP”) and behavioral health care hospitals. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, property classification and form of investment.

We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations governing the presentation of interim financial statements. The accompanying consolidated financial statements include the accounts of our company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2024 and 2023 are not necessarily indicative of the results for a full year.

No provision has been made for federal or state income taxes. Our company qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As such, we generally are not taxed on income that is distributed to our stockholders.

2.

Real Estate Investments

Assisted living communities, independent living communities, memory care communities and combinations thereof are included in the assisted living property classification (collectively “ALF”).

Any reference to the number of properties or facilities, number of units, number of beds, number of operators and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board.

Owned Properties. Our owned properties are leased pursuant to non-cancelable operating leases. Each lease is a triple net lease which requires the lessee to pay all taxes, insurance, maintenance and repairs, capital and non-capital expenditures and other costs necessary in the operations of the facilities. Many of the leases contain renewal options. The majority of our leases contain provisions for specified annual increases over the rents of the prior year.

8

Table of Contents

LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

The following table summarizes our investments in owned properties at September 30, 2024 (dollar amounts in thousands):

Average

 

Percentage

Number

Number of

Investment

 

Gross

of

of

SNF

ALF

per

 

Type of Property

Investment

Investment

Properties (1)

Beds

Units

Bed/Unit

 

Assisted Living

$

732,120

54.5

73

4,341

$

168.65

Skilled Nursing

598,063

44.6

%

50

6,113

236

$

94.20

Other (2)

12,005

0.9

1

118

Total

$

1,342,188

100.0

124

6,231

4,577

(1)We own properties in 23 states that are leased to 23 different operators.

(2)Includes three parcels of land held-for-use, and one behavioral health care hospital.

Many of our existing leases contain renewal options that, if exercised, could result in the amount of rent payable upon renewal being greater or less than that currently being paid.

During 2023, Brookdale Senior Living Communities, Inc. (“Brookdale”) elected not to exercise its renewal option under a master lease that matured on December 31, 2023. The 35-property assisted living portfolio was apportioned as follows (dollar amounts in thousands):

Type

Number

Number

First

Lease

of

of

of

Year

Lease

Commencement

State

Property

Properties

Units

Rent

Term

November 2023

OK

ALF

5

(1)

184

$

960

Three years

January 2024

CO, KS, OH, TX

ALF

17

(2)

738

9,325

Six years

January 2024

NC

ALF

5

(3)

210

3,300

Six years

27

1,132

$

13,585

Type

Number

Number

of

of

of

Sales

Net

Year sold

State

Property

Properties

Units

Price

Proceeds (4)

2023

FL

ALF

4

176

$

18,750

$

14,310

(5)

2023

OK

ALF

1

37

800

769

2023

SC

ALF

3

128

8,409

8,153

8

341

$

27,959

$

23,232

Total

35

1,473

(1)These communities were transitioned to an existing LTC operator. The new master lease includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option. Rent increases to $984 in the second year, and $1,150 in the third year.

(2)These communities were re-leased to Brookdale under a new master lease. Rent escalates by approximately 2.0% annually. The new master lease includes a purchase option that can be exercised in 2029. We also agreed to fund $7,200 for capital expenditures for the first two years of the lease at an initial rate of 8.0% escalating by approximately 2.0% annually thereafter.

(3)These communities were transitioned to an operator new to us. Rent escalates by approximately 3.0% annually.

(4)Net of transaction costs and seller financing, if any.

(5)We provided seller financing collateralized by two of the Florida properties, with a total of 92 units. The $4,000 seller-financed mortgage loan has a two-year term, with a one-year extension, at an interest rate of 8.75%.

9

Table of Contents

LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

During the three months ended March 31, 2024, a master lease covering 11 skilled nursing centers, that was scheduled to mature in January 2024, was renewed for seven months extending the maturity to August 2024. The centers have a total of 1,444 beds and are located in Texas. During the three months ended June 30, 2024, this master lease was amended to extend the lease term to December 31, 2028, with two five-year renewal options. The annual rent increased from $8,000,000 to $9,000,000 for 2024. Rent will increase to $9,500,000 for 2025, and $10,000,000 for 2026, escalating 3.3% annually thereafter. As a condition of the amended master lease, the operator paid $11,986,000 during 2024, towards its $13,531,000 working capital note. The remaining $1,545,000 balance of the working capital note is interest-free and will be repaid in installments through 2028.

Additionally, during 2024, another operator exercised its renewal option under its master lease for five years, from March 2025 through February 2030. Annual cash rent for 2024 is $8,004,000 escalating 2.5% annually. The master lease covers 666 beds across four skilled nursing centers, three in Texas and one in Wisconsin, and a behavioral health care hospital in Nevada.

We monitor the collectability of our receivable balances, including deferred rent receivable balances, on an ongoing basis. We write-off uncollectible operator receivable balances, including straight- line rent receivable and lease incentives balances, as a reduction to rental income in the period such balances are no longer probable of being collected. Therefore, recognition of rental income is limited to the lesser of the amount of cash collected or rental income reflected on a “straight-line” basis for those customer receivable balances deemed uncollectible. During the three months ended September 30, 2024 and 2023, we had no uncollectible lease incentives or straight-line rent receivables to write-off. During the nine months ended September 30, 2024 and 2023, we wrote-off uncollectible straight-line rent receivable and lease incentive balances of $321,000 and $26,000, respectively.

We continue to take into account the current financial condition of our operators, in our estimation of uncollectible accounts at September 30, 2024. We are closely monitoring the collectability of such rents and will adjust future estimations as appropriate as further information becomes known.

The following table summarizes components of our rental income for the three and nine months ended September 30, 2024 and 2023 (in thousands):

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

Rental Income

2024

2023

2024

2023

Contractual cash rental income

$

29,215

$

29,065

$

89,142

(1)

$

87,204

(1)

Variable cash rental income

3,194

3,442

9,830

9,902

Straight-line rent

37

(2)

(747)

(2)

(561)

(2)

(1,635)

(2)

Adjustment of lease incentives and rental income

(321)

(3)

(26)

(4)

Amortization of lease incentives

(188)

(171)

(626)

(584)

Total

$

32,258

$

31,589

$

97,464

$

94,861

(1)Increased primarily due to $2,377 repayment of rent credit in connection with the sale of our interest in a consolidated joint venture (“JV), rental income from 2023 acquisitions and annual rent escalations and contractual rent increases, partially offset by property sales and transitioned portfolios.

(2)Straight-line rent income increased due to lease extensions and more leases accounted for on a straight-line basis.

(3)Represents a straight-line rent receivable write-off related to a lease converting to periodic fair market rent resets.

(4)Represents lease incentive balance write-offs related to lease terminations.

10

Table of Contents

LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements (dollar amounts in thousands):

Type

Number

of

of

Gross

Net Book

Option

State

Property

Properties

Investments (1)

Value

Window

California

ALF/MC

2

$

38,895

$

32,072

2020-2029

Colorado/Kansas/Ohio/Texas

ALF/MC

17

63,576

29,928

2029

(2)

Florida

SNF

3

76,625

76,625

2025-2027

Georgia/South Carolina

ALF/MC

2

31,904

24,721

2027

North Carolina

ALF/MC

11

121,419

121,419

2025-2028

(3)

North Carolina

ALF

5

14,654

6,876

2029

(4)

North Carolina

ALF

4

41,000

41,000

2024-2028

(5)

North Carolina/ South Carolina

ALF/MC

13

122,460

122,460

2024-2028

(6)

Ohio

MC

1

16,161

13,158

2024-2025

Ohio

ILF/ALF/MC

1

54,782

51,877

2025-2027

Oklahoma

ALF/MC

5

11,221

4,170

2027-2029

(7)

Tennessee

SNF

2

5,275

2,157

2023-2024

Texas

SNF

4

52,726

49,332

2027-2029

(8)

Texas

MC

1

12,743

9,440

2026-2028

(9)

Total

$

663,441

$

585,235

(1)Gross investments include previously recorded impairment losses, if any.

(2)During 2023, we re-leased 17 ALFs with a total of 738 units to Brookdale under a new six-year master lease. The new master lease commenced in January 2024 and includes a purchase option that can be exercised in 2029. See above for more information.

(3)During 2023, we entered into a JV that purchased 11 ALFs and MCs with a total of 523 units and leased the communities under a 10-year master lease. The master lease provides the operator with the option to buy up to 50% of the properties at the beginning of the third lease year, and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit Internal Rate of Return (“IRR”) of 9.0% on any portion of the properties being purchased. For more information regarding this transaction see Financing Receivables below.

(4)During 2023, we transferred five ALFs with a total of 210 units from Brookdale to an operator new to us. The new master lease commenced in January 2024 and includes a purchase option that can be exercised in 2029. See above for more information.

(5)During 2024, we entered into a joint venture agreement with ALG Senior Living (“ALG”) and obtained a 92.7% controlling interest in the $41,000 newly formed JV that owns four ALFs in North Carolina with a total of 217 units. The JV leased the communities back to an affiliate of the seller under a 10-year master lease agreement. The master lease includes a purchase option that can be exercised through 2028, with an exit IRR of 8.0%. For more information regarding this transaction see Financing Receivables below.

(6)During 2024, we entered into a joint venture agreement with ALG and obtained a 52.6% controlling interest in the $122,460 newly formed JV that owns 13 ALFs and MCs in North Carolina (12) and South Carolina (1) with a total of 523 units. The JV leased the communities back to an affiliate of the seller under a 10-year master lease agreement. The master lease includes a purchase option that can be exercised through 2028, with an exit IRR of 8.0%. For more information regarding this transaction see Financing Receivables below.

(7)During 2023, we transferred five ALFs in Oklahoma with a total of 184 units from Brookdale to an existing operator. The new master lease commenced in November 2023 and includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option. See above for more information.

(8)During 2022, we purchased four skilled nursing centers and leased these properties under a 10-year lease with an existing operator. The lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 9. Commitments and Contingencies.

(9)During 2024, we transferred this community to an operator new to us. The new master lease commenced in April 2024 and includes a purchase option that can be exercised in May 2026 through April 2028, if the lessee exercises its one-year extension option.

11

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

Impairment Loss. During the three and nine months ended September 30, 2024, we did not record an impairment loss. During the first and second quarter of 2023, in conjunction with ongoing negotiations and planned sale of two assisted living communities located in Florida and one assisted living community located in Mississippi, we performed recoverability analysis on the carrying value of these communities and concluded that their carrying values may not be recoverable through future undiscounted cash flows. Accordingly, during the three and nine months ended September 30, 2023, we recorded impairment loss of $0 and $12,510,000, respectively. The following table summarizes information regarding impairment losses recorded during the nine months ended September 30, 2024 and 2023 (dollar amounts in thousands):

Type

Number

Number

of

of

of

Impairment

Year

State

Properties

Properties

Beds/Units

Loss

2024

n/a

n/a

$

2023

Florida

ALF

1

70

$

434

(1)

Florida

ALF

1

60

7,522

Mississippi

ALF

1

67

4,554

(2)

3

197

$

12,510

(1)In conjunction with the ongoing negotiations to sell this community, we recorded a $434 impairment loss during the three months ended March 31, 2023, and a $1,222 impairment loss during the fourth quarter of 2022. This community was sold during the second quarter of 2023 for $4,850 and we recorded a net gain on sale of real estate of $64 as a result of this transaction.

(2)This community was sold during the fourth quarter of 2023 for $1,650 and we recorded a net loss on sale of real estate of $219 as a result of this transaction.

Properties Held -for-Sale. The following summarizes our held-for-sale properties as of September 30, 2024 and December 31, 2023 (dollar amounts in thousands):

Type

Number

Number

of

of

of

Gross

Accumulated

State

Property

Properties

Beds/units

Investment

Depreciation

At September 30, 2024

CO

ALF

(1)

1

(1)

$

5,852

$

(1,794)

At December 31, 2023

WI

ALF

(2)

1

110

$

22,007

$

(3,616)

(1)Subsequent to September 30, 2024, this closed property was sold for $5,250.

(2)This community was sold during the three months ended March 31, 2024.

12

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

Acquisitions. The following table summarizes our acquisitions for the nine months ended September 30, 2024 and 2023 (dollar amounts in thousands):

Cash

Non-

Number

Number

Paid at

Assumed

Controlling

Transaction

Assets

of

of

Year

Type of Property

Acquisition

Liabilities

Interest

Costs

Acquired

Properties

Beds/Units

2024

OTH (1)

$

300

$

$

$

19

$

319

2023

ALF (2)

43,759

9,767

9,133

363

63,022

(3)

1

242

(1)We acquired a parcel of land in Kansas adjacent to an existing community operated by Brookdale. Rent was increased by 8.0% of our total cost of the investment.

(2)We entered into a $54,134 JV and contributed $45,000 into the JV that purchased an ILF/ALF/MC in Ohio. Under the JV agreement, the seller, our JV partner, has the option to purchase the campus between the third and fourth lease years for LTC’s allocation of the JV investment plus an IRR of 9.75%. The campus was leased to Encore Senior Living (“Encore”) under a 10-year term with an initial yield of 8.25% on LTC’s allocation of the JV investment. LTC committed to fund $2,100 of lease incentives under the Encore lease.

(3)Includes $8,585 tax abatement intangible included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets.

Intangible Assets. We make estimates as part of our allocation of the purchase price of acquisitions to various components of acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings, and for certain of our acquisitions, in-place leases and other intangible assets. In the case of the value of in-place leases, we make the best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during the hypothetical expected lease-up periods, market conditions and costs to execute similar leases. The following is a summary of the carrying amount of intangible assets as of September 30, 2024 and December 31, 2023 (in thousands):

September 30, 2024

December 31, 2023

Accumulated

Accumulated

Assets

Cost

Amortization

Net

Cost

Amortization

Net

In-place leases

$

11,155

(1)

$

(6,650)

(2)

$

4,505

$

11,348

(1)

$

(6,109)

(2)

$

5,239

Tax abatement intangible

$

8,309

(3)

$

(924)

(3)

$

7,385

$

8,309

(3)

$

(405)

(3)

$

7,904

(1)Included in the Buildings and improvements line item in our Consolidated Balance Sheets.

(2)Included in the Accumulated depreciation and amortization line item in our Consolidated Balance Sheets.

(3)Included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets.

Improvements. During the nine months ended September 30, 2024 and 2023, we invested in the following capital improvement projects (in thousands):

Nine Months Ended September 30, 

Type of Property

2024

2023

Assisted Living Communities

$

8,663

$

2,418

Skilled Nursing Centers

1,245

2,548

Other

87

Total

$

9,908

$

5,053

13

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

Properties Sold. During the three and nine months ended September 30, 2024, we recorded a net gain on sale of real estate of $3,663,000 and $6,882,000, respectively. During the three and nine months ended September 30, 2023, we recorded a net gain on sale of real estate of $4,870,000 and $20,545,000, respectively. The following table summarizes property sales during the nine months ended September 30, 2024 and 2023 (dollar amounts in thousands):

Type

Number

Number

of

of

of

Sales

Carrying

Net

Year

State

Properties

Properties

Beds/Units

Price

Value

(Loss) Gain (1)

2024

Florida

ALF

1

60

$

4,500

$

4,579

$

(289)

Texas

ALF

5

208

1,600

1,282

(390)

Texas

ALF

2

500

389

Texas

ALF

1

80

7,959

(2)

4,314

3,635

Wisconsin

ALF

1

110

20,193

(3)

16,195

3,986

n/a

n/a

(60)

(4)

Total (5)

10

458

$

34,752

$

26,759

$

6,882

2023

Florida

ALF

1

70

$

4,850

$

4,082

$

65

Kentucky

ALF

1

60

11,000

10,720

57

New Jersey

ALF

1

39

2,000

1,552

266

New Mexico

SNF

2

235

21,250

5,523

15,287

Nebraska

ALF

3

117

2,984

2,934

Pennsylvania

ALF

2

130

11,128

6,054

4,870

Total

10

651

$

53,212

$

30,865

$

20,545

(

(1)Calculation of net gain includes cost of sales and write-off of straight-line receivable and lease incentives, when applicable.

(2)Additionally, as part of the negotiated sale, we received an additional $441 representing rental income through lease maturity in January 2025.

(3)Represents the price to sell our portion of interest in a JV, net of the JV partner’s $2,305 contributions in the joint venture.

(4)We recognized additional loss due to additional incurred costs related to properties sold during 2023.

(5)Subsequent to September 30, 2024, we sold a closed ALF located in Colorado for $5,250. At September 30, 2024, the community was classified as held-for-sale and had a gross book value of $5,852 and a net book value of $4,058.

Financing Receivables. As part of our acquisitions, we may invest in sale and leaseback transactions. In accordance with the accounting guidance, we must determine whether each sale and leaseback transaction qualifies as a sale. Generally, an option for the seller-lessee to repurchase a real estate asset precludes accounting for the transfer of the asset as a sale and the purchased assets should be presented as financing receivables.

During 2022 through 2024, we entered into joint venture agreements and contributed into these JVs for the purchase of properties through sale and leaseback transactions. Concurrently, each of these JVs leased the purchased properties back to an affiliate of the seller and provided the seller-lessee with purchase options. Accordingly, these sale and leaseback transactions meet the accounting criteria to be presented as financing receivables. Furthermore, we determined that we exercise power over and receive benefits from each of these joint ventures. Therefore, we consolidated the joint ventures as Financing Receivables on our Consolidated Balance Sheets and recorded the rental revenue from these joint ventures as Interest income from financing receivables on our Consolidated Statements of Income.

14

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

The following tables provide information regarding our investments in financing receivables (dollar amounts in thousands):

Type

Number

Number

Investment

Interest

Investment

Gross

LTC

of

of

of

per

Rate

Year

Maturity

State

Investments

Investment

Properties

Properties

Beds/Units

Bed/Unit

7.25%

(1)

2022

2032

FL

$

76,626

$

62,301

SNF

3

299

$

256.27

7.25%

(2)

2023

2033

NC

121,419

117,588

ALF/MC

11

523

$

232.16

7.25%

(3)

2024

2034

NC/SC

122,460

64,450

ALF/MC

13

523

$

234.15

7.25%

(4)

2024

2034

NC

41,000

37,985

ALF

4

217

$

188.94

$

361,505

$

282,324

31

1,562

(1)During 2022, we entered into a JV with an operator new to us. The JV purchased three SNFs and leased the centers back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option, exercisable at the beginning of the fourth year through the end of the fifth year.

(2)During 2023, we entered into a JV with ALG. The JV purchased 11 ALFs and MCs and leased these communities back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options. The contractual initial cash yield of 7.25% increases to 7.5% in year three then escalates thereafter based on Consumer Price Index(“CPI”) subject to a floor of 2.0% and a ceiling of 4.0%. The JV provided the seller-lessee with a purchase option to buy up to 50% of the properties at the beginning of the third lease year and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.0%. During 2024, we deferred a total of $2,240 consolidated JV interest income from financing receivables for May through September 2024 and agreed to defer up to approximately $258 per month for October through December 2024 consolidated JV interest income from financing receivables.

(3)During the second quarter of 2024, we funded an additional $5,546 under a mortgage loan receivable due from an ALG affiliate secured by 13 ALFs and MCs located in North Carolina (12) and South Carolina (1). We then entered into a newly formed $122,460 JV with ALG, whereby we exchanged our $64,450 mortgage loan receivable for a 53% controlling interest in the JV. Concurrently, ALG contributed these properties to the joint venture for a 47% non-controlling interest. The JV leased the properties to an ALG affiliate under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option exercisable through 2028, with an exit IRR of 8.0%.

(4)During the second quarter of 2024, we funded an additional $2,766 under a mortgage loan receivable due from an ALG affiliate secured by four ALFs located in North Carolina. We then entered into a newly formed $41,000 JV with ALG, whereby we exchanged $37,985 mortgage loan receivables for a 93% controlling interest in the JV. Concurrently, ALG contributed these properties and a parcel of land to the joint venture for a 7% non-controlling interest. The JV leased the properties to an ALG affiliate under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option exercisable through 2028, with an exit IRR of 8.0%.

The following table summarizes our financing receivables activities for the nine months ended September 30, 2024 and 2023 (dollar amounts in thousands):

Nine Months Ended September 30,

2024

2023

Investment and funding under financing receivables

$

163,557

(1)

$

121,332

(2)

Amortization of capital costs

(65)

(65)

Provision for loan loss reserve

(1,635)

(1)

(1,213)

(2)

$

161,857

$

120,054

(1)During 2024, we entered into two joint venture agreements with affiliates of ALG. We recorded an aggregate Provision for Credit losses of $1,635 equal to 1.0% of the investment balance. See above for more information.

(2)During 2023, we entered into a joint venture agreement with an affiliate of ALG. We recorded Provision for credit losses of $1,213 equal to 1.0% of the investment balance. See above for more information.

15

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

Mortgage Loans. During 2024, we committed to fund a $26,120,000 mortgage loan for the construction of a 116-unit independent living, assisted living and memory care community in Illinois. The borrower contributed $12,300,000 of equity which will initially fund the construction. The loan term is approximately six years at a current rate of 9.0% and an IRR of 9.5%. The following table sets forth information regarding our investments in mortgage loans secured by first mortgages at September 30, 2024 (dollar amounts in thousands):

Type

Percentage

Number of

Investment

Gross

of

of

SNF

ALF

per

Interest Rate

Maturity

State

Investment

Property

Investment

Loans (1)

Properties (2)

Beds

Units

Bed/Unit

7.5%

2024

GA

$

51,111

(3)

ALF

14.0

%

1

1

203

$

251.78

8.8%

2025

FL

4,000

ALF

1.1

%

1

2

92

$

43.48

7.8%

2025

FL

16,706

ALF

4.7

%

1

1

112

$

149.16

7.3%

2025

NC

10,750

ALF

2.9

%

1

1

45

$

238.89

8.8% (4)

2026

MI

9,999

UDP

2.7

%

1

(4)

$

n/a

8.8%

2028

IL

16,500

SNF

4.5

%

1

1

150

$

110.00

10.8% (5)

2043

MI

180,973

SNF

49.7

%

1

14

1,749

$

103.47

9.9% (5)

2045

MI

39,850

SNF

10.9

%

1

4

480

  

$

83.02

10.3% (5)

2045

MI

 

19,700

SNF

5.4

%

1

2

201

 

$

98.01

10.5% (5)

2045

MI

14,825

SNF

4.1

%

1

1

146

$

101.54

Total

$

364,414

100.0

%

10

27

2,726

 

452

$

114.67

(1)Some loans contain certain guarantees and provide for certain facility fees.

(2)Our mortgage loans are secured by properties located in five states with seven borrowers.

(3)Subsequent to September 30, 2024, we received the payoff of this mortgage loan receivable.

(4)During the third quarter of 2023, we committed to fund a $19,500 mortgage loan for the construction of an 85-unit ALF and MC in Michigan. The borrower contributed $12,100 of equity, which initially funded the construction. In 2024, once all of the borrower’s equity was drawn, we began funding the commitment. Our remaining commitment is $9,500. The 8.75% interest-only loan matures in September 2026 and includes two, one-year extensions, each of which is contingent on certain coverage thresholds.

(5)Mortgage loans provide for 2.25% annual increases in the interest rate.

16

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

The following table summarizes our mortgage loan activity for the nine months ended September 30, 2024 and 2023 (in thousands):

Nine Months Ended September 30,

2024

2023

Originations and funding under mortgage loans receivable

$

19,078

(1)

$

83,383

(5)

Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables

(102,435)

(3)

Pay-offs received

(34,094)

(2)

Application of interest reserve

169

1,609

Scheduled principal payments received

(380)

(301)

Mortgage loan premium amortization

(4)

(5)

Recovery (provision) for loan loss reserve

1,176

(847)

Net (decrease) increase in mortgage loans receivable

$

(116,490)

(4)

$

83,839

(1)The following funding occurred:

(a)$9,999 under a $19,500 mortgage loan commitment for the construction of an 85-unit ALF and MC in Michigan. The borrower contributed $12,100 of equity upon origination in July 2023, which was used to initially fund the construction. Our remaining commitment is $9,500. The interest-only loan term is approximately three years at a rate of 8.75%, and includes two, one-year extensions, each of which is contingent on certain coverage thresholds;

(b)$5,546 of additional funding under a mortgage loan receivable agreement with an ALG affiliate secured by 13 ALFs and MCs in North Carolina (12) and South Carolina (1). During the three months ended June 30, 2024, we exchanged this $64,450 mortgage loan receivable for a controlling interest in a JV investment with an ALG affiliate. See Financing Receivables above for more information;

(c) $2,766 of additional funding under a mortgage loan receivable agreement with an ALG affiliate secured by four ALFs in North Carolina. During the three months ended June 30, 2024, we exchanged this $37,985 mortgage loan receivable for a controlling interest in a JV investment with an ALG affiliate. See Financing Receivables above for more information; and

(d)$767 of additional funding under various loans.

(2)We received the payoff of a $29,347 mortgage loan secured by a 189-bed SNF in Louisiana and a $2,013 mortgage loan secured by a parcel of land in Missouri. Additionally, we received a partial principal paydown of $2,734 related to the sale of a SNF securing the mortgage loan previously secured by 15-SNFs in Michigan.

(3)The following occurred:

(a)$64,450 mortgage loan receivable due from an ALG affiliate was exchanged for a controlling interest in a JV. See (1)(b) above for more information; and

(b)$37,985 mortgage loan receivable due from an ALG affiliate was exchanged for a controlling interest in a JV. See (1)(c) above for more information.

(4)Subsequent to September 30 2024, we received the payoff of a $51,111 mortgage loan receivable secured by a 203-unit ALF in Georgia.

(5)The following funding and originations occurred:

(a)$10,750 mortgage loan secured by a 45-unit MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0%;

(b)$51,111 mortgage loan investment secured by a 203-unit ILF, ALF and MC located in Georgia. We acquired a participating interest owned by existing lenders for $42,251 in addition to converting our $7,461 mezzanine loan in the property into a participating interest in the mortgage loan. The mortgage loan matures in October 2024 and our investment is at an initial rate of 7.5% with an IRR of 7.75%. We recorded $1,380 of additional interest income in connection with the effective prepayment of the mezzanine loan in the first quarter of 2023. Subsequent to September 30, 2024, the $51,111 mortgage loan was paid off. See (4) above;

(c)$16,500 senior loan for the purchase of a 150-bed Medicare focused SNF in Illinois. The mortgage loan matures in June 2028 and our investment is at an interest rate of 8.75%; and

(d) $5,022 of additional funding under other mortgage loans receivable.

17

Table of Contents

LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

3.

Investment in Unconsolidated Joint Ventures

We have preferred equity investments in two joint ventures and an acquisition, development and construction (“ADC”) loan . We determined that each of these JVs meet the accounting criteria to be considered a variable interest entity (“VIE”). We are not the primary beneficiary of the JVs as we do not have both: 1) the power to direct the activities that most significantly affect the JVs’ economic performance, and 2) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. However, we do have significant influence over the JVs. Therefore, we have accounted for the JVs using the equity method of accounting. The following table provides information regarding these preferred equity investments (dollar amounts in thousands):

Type

Type

Total

Contractual

Number

of

of

Preferred

Cash

of

Carrying

State

Properties

Investment

Return

Portion

Beds/ Units

Value

Texas

SNF/ALF

Senior Loan

(1)

9.2

%

9.2

%

104

$

11,262

(1)

Washington

ALF/MC

Preferred Equity

(2)

12.0

%

7.0

%

95

6,340

(2)

Washington

ILF/ALF

Preferred Equity

(3)

14.0

%

8.0

%

267

13,000

(3)

Total

466

$

30,602

(1)We originated a $12,700 mortgage loan to a current operator secured by a SNF/ALF in Texas. The investment commitment amount includes $11,164, funded during the three months ended June 30, 2024, an interest reserve of $750 and a capital expenditure reserve of $786. In accordance with GAAP, this mortgage loan was determined to be an ADC loan and is accounted for as an unconsolidated JV. The campus has 104 beds (70 skilled nursing and 34 assisted living). The five-year mortgage loan is interest-only at a current rate of 9.15%.

(2)Our investment represents 15.5% of the total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the IRR is 8%. After achieving an 8% IRR, the cash rate drops to 8% with an IRR ranging between 12% to 14%, depending upon timing of redemption. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036.

(3)Our investment represents 11.6% of the estimated total investment. The preferred equity investment earns an initial cash rate of 8% with an IRR of 14%. The JV partner has the option to buy out our investment at any time after August 31, 2023 at the IRR rate. Also, we have the option to require the JV partner to purchase our preferred equity interest at any time between August 31, 2027 and prior to the end of the first renewal term of the lease.

The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the nine months ended September 30, 2024 and 2023 (in thousands):

Type

of

Income

Cash Income

Non-cash

Year

Properties

Recognized

Earned

Income Accrued

2024

SNF/ALF

$

589

$

589

$

ALF/MC

359

359

ILF/ALF (1)

791

791

Total

$

1,739

$

948

$

791

`

2023

ALF/MC

$

337

$

$

337

UDP (1)

790

790

Total

$

1,127

$

$

1,127

(1)The JV developed and owns a 267-unit ILF and ALF in Washington. The development project was completed during the fourth quarter of 2023.

18

Table of Contents

LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

4.

Notes Receivable

Notes receivable consist of mezzanine loans and working capital loans. The following table summarizes our investments in notes receivable at September 30, 2024 (dollar amounts in thousands):

Interest

Type of

Gross

Type of

Rate

IRR

Maturity

Loan

Investment

# of loans

Property

8.3%

2025

Working capital

$

50

1

ALF

9.0%

2026

Working capital

290

1

ALF

  

8.0%

11.0

%

2027

Mezzanine

25,000

1

ALF

0.0%

2028

Working capital

1,545

1

SNF

8.8%

12.0

%

2028

Mezzanine

17,000

1

ALF

6.5%

2030

Working capital

138

2

SNF

7.4%

2030

Working capital

500

1

ALF

7.4%

2030

Working capital

957

1

ALF

0.0%

2031

Working capital

2,693

1

ALF

$

48,173

(1)

10

(1)Excludes the impact of credit loss reserve.

The following table is a summary of our notes receivable components as of September 30, 2024 and December 31, 2023 (in thousands):

At September 30, 2024

At December 31, 2023

 

Mezzanine loans

$

42,000

$

42,000

Working capital loans

6,173

19,101

Notes receivable credit loss reserve

(482)

(611)

Total

$

47,691

$

60,490

The following table summarizes our notes receivable activity for the nine months ended September 30, 2024 and 2023 (in thousands):

Nine Months Ended September 30, 

2024

2023

Advances under notes receivable

$

340

$

19,258

Principal payments received under notes receivable

(13,268)

(1)

(14,537)

(2)

Recovery of credit losses

129

(48)

Net (decrease) increase in notes receivable

$

(12,799)

$

4,673

(1)During 2024, we received $11,986 towards the paydown of a $13,531 working capital note. The remaining $1,545 balance of the working capital note is interest free and will be repaid in installments through 2028. Additionally, we received an aggregate $1,282 related to the payoff of two working capital notes.

(2)During 2023, we received $4,545, which includes a prepayment fee and the exit IRR totaling $190 from a mezzanine loan prepayment. The mezzanine loan was on a 136-unit ILF in Oregon. Additionally, another $7,461 mezzanine loan was effectively prepaid through converting it as part of our $51,111 investment in a participating interest in an existing mortgage loan that is secured by a 203-unit ALF, ILF and MC located in Georgia. We recorded $1,380 of interest income in connection with the effective prepayment of the mezzanine loan. Subsequent to September 30, 2024, the $51,111 mortgage loan was paid off.

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

5.

Lease Incentives

Our non-contingent lease incentive balances at September 30, 2024 and December 31, 2023 were $3,584,000 and $2,607,000, respectively. The following table summarizes our lease incentives activity for the nine months ended September 30, 2024 and 2023 (in thousands):

Nine Months Ended September 30,

2024

2023

Lease incentives funded

$

1,794

$

1,023

Amortization of lease incentives

(626)

(584)

Adjustment for collectability of lease incentives

(26)

(2)

Other adjustments

(191)

(1)

(9)

(1)

Net increase in non-contingent lease incentives

$

977

$

404

(1)Represents lease incentive balances written-off due to property sales.

(2)Represents uncollectible lease incentive balances written-off.

Non-contingent lease incentives represent payments made to our lessees for various reasons including entering into a new lease or lease amendments and extensions. Contingent lease incentives represent potential contingent earn-out payments that may be made to our lessees in the future, as part of our lease agreements. From time to time, we may commit to provide contingent payments to our lessees, upon our properties achieving certain rent coverage ratios. Once the contingent payment becomes probable and estimable, the contingent payment is recorded as a lease incentive. Lease incentives are amortized as a yield adjustment to rental income over the remaining life of the lease.

6.

Credit Loss Reserve

We apply Accounting Standards Codification Topic 326, Financial Instruments-Credit Losses (“ASC 326”), which requires a forward-looking “expected loss” model, to estimate our loan losses. We determined our Financing receivables, Mortgage loans receivable and Notes receivable line items on our Consolidated Balance Sheets are within the scope of ASC 326.

Financing receivables. We obtained controlling interests in JVs that acquired properties through sale and leaseback transactions. The JVs concurrently leased the purchased properties to affiliates of sellers and provided the sellers-lessees with purchase options. We consolidated the JVs as Financing receivables on our Consolidated Balance Sheets. For more information regarding these transactions See Note 2. Financing receivables above. At September 30, 2024, we had investments in four JVs accounted for as financing receivables that owned 31 properties in three states. In addition to owning the properties through our controlling interests in the JVs, generally, these leases provide one or more of the following: security deposits, property tax impounds, repair and maintenance escrows and other credit enhancements such as corporate or personal guarantees or letters of credit.

Mortgage loans. As part of our strategy of making investments in properties used in the provision of long-term health care services, we provided mortgage loan financing on such properties. At September 30, 2024, we had ten mortgage loans secured by 27 properties in five states with seven borrowers. In addition to a lien on the mortgaged properties, the loans are generally secured by non-real estate assets of the properties and contain certain other security provisions in the form of letters of credit and/or security deposits.

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(Unaudited)

Notes receivable. Our notes receivable consist of mezzanine loans and working capital notes. Security for these notes can include all or a portion of the following credit enhancements: secured second mortgage, pledge of equity interests and personal/corporate guarantees.

The following table summarizes our financial instruments within the scope of ASC 326 by year of origination (dollar amounts in thousands):

Year of origination (1)

At September 30, 2024

Investment Type:

2024

2023

2022

2021

2020

Prior

Total

Credit loss reserve

Financing receivables

$

163,460

$

121,418

$

76,626

$

$

$

$

361,504

$

3,615

Mortgage loans receivable

$

$

92,360

$

$

16,706

$

$

255,348

$

364,414

$

3,638

Mezzanine loans

$

$

17,000

$

25,000

$

$

$

$

42,000

$

420

Working Capital loans

50

2,045

1,095

2,983

6,173

62

Total Notes Receivable

$

50

$

17,000

$

25,000

$

2,045

$

1,095

$

2,983

$

48,173

$

482

(1)Excludes paid-off loans. Additional funding, if any, is included in the year of the origination of the initial loan.

We monitor the credit quality of our financial instruments through a variety of methods determined by the underlying collateral or other protective rights, operator’s payment history and other internal metrics. Our monitoring process includes periodic review of financial statements for each facility, scheduled property inspections and review of covenant compliance, industry conditions and current and future economic conditions. The future economic conditions are based on the economic data from the Federal Reserve and reasonable assumptions for the future economic trends.

In determining the “expected” credit loss reserves on these instruments, we utilize the probability of default and discounted cash flow methods. Further, we stress-test the results to reflect the impact of unknown adverse future events including recessions.

The expected credit losses related to our financial instruments that are within the scope of ASC 326 are as follows (in thousands):

Balance

Recovery

due to

Balance

at

due to

Originations/

at

Description

12/31/2023

payoffs

additional funding

9/30/2024

Credit Loss Reserve- Financing Receivables

$

1,980

$

$

1,635

$

3,615

Credit Loss Reserve- Mortgage Loans Receivable

4,814

(1,369)

193

3,638

Credit Loss Reserve-Notes Receivable

611

(132)

3

482

We elected not to measure an allowance for expected credit losses on accrued interest receivable under the expected credit loss standard as we have a policy in place to reserve or write off accrued interest receivable in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write off accrued interest receivable by recognizing credit loss expense. As of September 30, 2024, the total balance of accrued interest receivable of $58,421,000 was not included in the measurement of expected credit loss. During the three and nine months ended September 30, 2024, we wrote-off $613,000 related to accrued interest receivable. During the three and nine months ended September 30, 2023, we did not recognize any write-off related to accrued interest receivable.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

7.

Debt Obligations

Unsecured Credit Facility. We had an unsecured credit agreement (the “Original Credit Agreement”) that provided for an aggregate commitment of the lenders of up to $500,000,000 comprising of a $400,000,000 revolving credit facility (the “Revolving Line of Credit”) and two $50,000,000 term loans (the “Term Loans”). The Term Loans mature on November 19, 2025 and November 19, 2026. The Revolving Line of Credit had a maturity date of November 19, 2025 and provided a one-year extension option at our discretion, subject to customary conditions. During the first quarter of 2024, we entered into an amendment to the Original Credit Agreement (the “Credit Agreement”) to accelerate our one-year extension option notice to January 4, 2024. Concurrently, we exercised our option to extend the maturity date to November 19, 2026. Other material terms of the Original Credit Agreement remained unchanged. The Credit Agreement permitted us to request increases to the Revolving Line of Credit and Term Loans commitments up to a total of $1,000,000,000 (the “Accordion”). As permitted under the terms of the Credit Agreement, we exercised $25,000,000 of the available $500,000,000 Accordion feature of the Revolving Line of Credit, effective September 30, 2024. Accordingly, the aggregate commitment of the lenders under the Credit Agreement increased to $525,000,000, with $475,000,000 remaining available under the Accordion. The exercise of the Accordion did not materially change any other term or condition of the Credit Agreement, including its maturity date or covenant requirements.

Based on our leverage at September 30, 2024, the facility provides for interest annually at Adjusted SOFR plus 110 basis points and a facility fee of 15 basis points and the Term Loans provide for interest annually at Adjusted SOFR plus 125 basis points.

Interest Rate Swap Agreements. In connection with entering into the Term Loans described above, we entered into two receive variable/pay fixed interest rate swap agreements (the “Interest Rate Swaps”) with maturities of November 19, 2025 and November 19, 2026, respectively, that will effectively lock-in the forecasted interest payments on the Term Loans’ borrowings over their four and five year terms of the loans. The Interest Rate Swaps are considered cash flow hedges and are recorded on our Consolidated Balance Sheets at fair value in Prepaid expenses and other assets, with cumulative changes in the fair value of these instruments recognized in Accumulated other comprehensive income (loss) on our Consolidated Balance Sheets. During the three and nine months ended September 30, 2024, we recorded a decrease of $2,326,000 and $2,471,000 in fair value of Interest Rate Swaps, respectively. During the three and nine months ended September 30, 2023, we recorded an increase of $28,000 and a decrease of $123,000 in fair value of Interest Rate Swaps, respectively.

Information regarding our interest rate swaps measured at fair value, which are classified as Level 2 of the fair value hierarchy is presented below (dollar amounts in thousands):

Notional

Fair Value at

Date Entered

Maturity Date

Swap Rate

Rate Index

Amount

September 30, 2024

December 31, 2023

November 2021

November 19, 2025

2.62

%

1-month SOFR

$

50,000

$

1,448

$

2,698

November 2021

November 19, 2026

2.76

%

1-month SOFR

50,000

2,191

3,412

$

100,000

$

3,639

$

6,110

Senior Unsecured Notes. We have senior unsecured notes held by institutional investors with interest rates ranging from 3.66% to 4.5%. The senior unsecured notes mature between 2026 and 2033.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

The senior unsecured notes and the Credit Agreement, including the Revolving Line of Credit and the Term Loans, contain financial covenants, which are measured quarterly, that require us to maintain, among other things:

a ratio of total indebtedness to total asset value not greater than 0.6 to 1.0;

a ratio of secured debt to total asset value not greater than 0.35 to 1.0;

a ratio of unsecured debt to the value of the unencumbered asset value not greater than 0.6 to 1.0; and
a ratio of EBITDA, as calculated in the debt obligation, to fixed charges not less than 1.50 to 1.0.

At September 30, 2024, we were in compliance with all applicable financial covenants. These debt obligations also contain additional customary covenants and events of default that are subject to a number of important and significant limitations, qualifications and exceptions.

The following table sets forth information regarding debt obligations by component as of September 30, 2024 and December 31, 2023 (dollar amounts in thousands):

At September 30, 2024

At December 31, 2023

Applicable

Available

Available

Interest

Outstanding

for

Outstanding

for

Debt Obligations

Rate (1)

Balance

Borrowing

Balance

Borrowing

Revolving line of credit (2)

6.17%

$

240,150

$

184,850

$

302,250

$

97,750

Term loans, net of debt issue costs

2.69%

99,771

99,658

Senior unsecured notes, net of debt issue costs

4.15%

445,402

489,409

Total

4.58%

$

785,323

$

184,850

$

891,317

$

97,750

(1)Represents weighted average of interest rate as of September 30, 2024.

(2)Subsequent to September 30, 2024, we repaid $93,800 under our unsecured revolving line of credit. Accordingly, we have $146,350 outstanding and $278,650 available for borrowing under our unsecured revolving line of credit.

During the nine months ended September 30, 2024 and 2023, our debt borrowings and repayments were as follows (in thousands):

Nine Months Ended September 30, 

2024

2023

Debt Obligations

Borrowings

Repayments

Borrowings

Repayments

Revolving line of credit

$

19,200

$

(81,300)

(1)

$

274,450

$

(42,200)

Term loans

Senior unsecured notes

(44,160)

(44,160)

Total

$

19,200

$

(125,460)

$

274,450

$

(86,360)

(1)Subsequent to September 30, 2024, we repaid $93,800 under our unsecured revolving line of credit. Accordingly, we have $146,350 outstanding and $278,650 available for borrowing under our unsecured revolving line of credit.

8.

Equity

Non-controlling Interests. We have entered into partnerships to develop and/or own real estate. Given that our limited members do not have the substantive kick-out rights, liquidation rights, or participation rights, we have concluded that the partnerships are VIEs. As we exercise power over and receive benefits from the VIEs, we are considered the primary beneficiary. Accordingly, we consolidate the VIEs and record the non-controlling interests on the consolidated financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

As of September 30, 2024, we have the following consolidated VIEs (in thousands):

Gross

Investment

Property

Consolidated

Non-Controlling

Year

Purpose

Type

State

Assets (1)

Interests

2024

Owned real estate

ALF/MC

NC/SC

$

122,460

$

58,010

2024

Owned real estate

ALF

NC

41,000

3,015

2023

Owned real estate

ILF/ALF/MC

OH

54,782

9,134

2023

Owned real estate

ALF/MC

NC

121,419

3,831

2022

Owned real estate

SNF

FL

76,625

14,325

2018

Owned real estate

ILF

OR

14,650

2,907

2018

Owned real estate and development

ALF/MC

OR

18,452

1,156

2017

Owned real estate

ALF/MC

SC

11,680

1,240

Total

$

461,068

$

93,618

(1)Includes the total real estate investments and excludes intangible assets.

Common Stock. We have separate equity distribution agreements (collectively, “Equity Distribution Agreements”) to offer and sell, from time to time, up to $200,000,000 in aggregate offering price of shares of our common stock. The Equity Distribution Agreements provide for sales of common shares to be made by means of ordinary brokers’ transactions, which may include block trades, or transactions that are deemed to be “at the market” offerings.

During the nine months ended September 30, 2023, we sold 48,500 shares of common stock for $1,777,000 in net proceeds under our Equity Distribution Agreements. In conjunction with the sale of common stock, we incurred $80,000 of costs associated with this agreement which have been recorded in additional paid in capital as a reduction of proceeds received.

During the nine months ended September 30, 2024, we sold 1,886,900 shares of common stock for $65,629,000 in net proceeds under our Equity Distribution Agreements. In conjunction with the sale of common stock, we incurred $119,000 of costs associated with this agreement which have been recorded in additional paid in capital as a reduction of proceeds received. At September 30, 2024, we had $9,558,000 available under the Equity Distribution Agreements. Subsequent to September 30, 2024, we sold 226,370 shares of common stock for $7,936,000 in net proceeds under our Equity Distribution Agreements. Accordingly, subsequent to September 30, 2024, we had $1,522,000 available under the Equity Distribution Agreements.

During the nine months ended September 30, 2024 and 2023, we acquired 49,540 shares and 43,933 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations.

Available Shelf Registration. We have an automatic shelf registration statement on file with the SEC, and currently have the ability to file additional automatic shelf registration statements, to provide us with capacity to publicly offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time raise capital under our automatic shelf registration statement in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering. Our shelf registration statement expires on February 17, 2025.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

Distributions. We declared and paid the following cash dividends (in thousands):

Nine Months Ended September 30, 

2024

2023

Declared

Paid

Declared

Paid

Common Stock (1)

$

74,684

$

74,684

$

70,767

$

70,767

(1)Represents $0.19 per share per month for the nine months ended September 30, 2024 and 2023.

In October 2024, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of October, November and December 2024, payable on October 31, November 29, and December 31, 2024, respectively, to stockholders of record on October 23, November 21, and December 23, 2024, respectively.

Stock-Based Compensation. During 2021, we adopted and our shareholders approved the 2021 Equity Participation Plan (“the 2021 Plan”) which replaces the 2015 Equity Participation Plan (“the 2015 Plan”). Under the 2021 Plan, 1,900,000 shares of common stock have been authorized and reserved for awards, less one share for every one share that was subject to an award granted under the 2015 Plan after December 31, 2020 and prior to adoption. In addition, any shares that are not issued under outstanding awards under the 2015 Plan because the shares were forfeited or cancelled after December 31, 2020 will be added to and again be available for awards under the 2021 Plan. Under the 2021 Plan, the shares were authorized and reserved for awards to officers, employees, non-employee directors and consultants. The terms of the awards granted under the 2021 Plan and the 2015 Plan are set by our compensation committee at its discretion. Beginning in the first quarter of 2024, we entered into Performance Stock Unit Award Agreements, based upon absolute and relative total shareholder return, under the 2021 Plan. Forms of such Performance Stock Unit Award Agreements are filed as exhibits to this quarter report.

During the nine months ended September 30, 2024 and 2023, no stock options were granted or exercised. During each of the nine months ended September 30, 2024 and 2023, 5,000 stock options expired and were cancelled. At September 30, 2024, we had no stock options outstanding and exercisable.

The following table summarizes our restricted stock activity for the nine months ended September 30, 2024 and 2023:

Nine Months Ended September 30,

2024

2023

Outstanding, January 1

258,620

229,236

Granted

175,431

146,020

Vested

(132,842)

(115,551)

Cancelled

(1,085)

Outstanding, September 30

301,209

258,620

No performance-based stock units vested during the nine months ended September 30, 2024, and 2023.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

During the nine months ended September 30, 2024 and 2023, we granted restricted stock and performance-based stock units under the 2021 Plan as follows:

No. of 

Price per

Year

Shares/Units

Share

Reward Type

Vesting Period

2024

159,536

$

30.72

Restricted stock

ratably over 3 years

69,610

$

31.84

Performance-based stock units

TSR targets (1)

62,914

$

31.84

Performance-based stock units

TSR targets (2)

15,895

$

34.60

Restricted stock

(3)

307,955

2023

127,960

$

37.16

Restricted stock

ratably over 3 years

86,867

$

37.16

Performance-based stock units

TSR targets (4)

15,060

$

31.54

Restricted stock

May 24, 2024

3,000

$

35.45

Restricted stock

July 25, 2024

232,887

(1)Vesting is based on achieving certain total shareholder return (“TSR”) targets in 3 years.

(2)Vesting is based on achieving certain TSR targets relative to the TSR of a predefined peer group in 3 years.

(3)Vesting date is the earlier of the one-year anniversary of the award date and the date of the next annual meeting of the stockholders of LTC following the award date.

(4)Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years.

Compensation expense recognized related to the vesting of restricted common stock and performance-based stock units for the nine months ended September 30, 2024 and 2023 were $6,791,000 and $6,349,000, respectively. At September 30, 2024, the remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows (in thousands):

Remaining

Compensation

Vesting Date

Expense

October - December 2024

$

2,260

2025

6,450

2026

3,385

2027

369

Total

$

12,464

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

9.

Commitments and Contingencies

At September 30, 2024, we had commitments as follows (in thousands):

Total

Investment

2024

Commitment

Remaining

Commitment

Funding

Funded

Commitment

Real estate properties (Note 2. Real Estate Investments)

$

15,920

(1)

$

7,862

$

8,814

$

7,106

Accrued incentives and earn-out liabilities (Note 5. Lease Incentives)

6,625

(2)

587

2,045

4,580

Mortgage loans (Note 2. Real Estate Investments)

63,620

(3)

9,999

11,999

51,621

Joint venture investments (Note 3. Investments in Unconsolidated Joint Ventures)

1,536

(4)

98

98

1,438

Notes receivable (Note 4. Notes Receivable)

940

(5)

50

50

890

Total

$

88,641

$

18,596

$

23,006

$

65,635

(1)Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and skilled nursing properties.

(2)Includes an earn-out payment of up to $3,000 to an operator under a master lease on four SNFs in Texas which were acquired during 2022. The master lease allows either an earn-out payment up to $3,000 or a purchase option. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning in April 2024 through March 2027. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the purchase option see Note 2. Real Estate Investments.

(3)Represents $45,620 related to construction loans and $18,000 of commitments which are contingent upon the borrower achieving certain coverage ratios.

(4)Represents an interest reserve of $750 and capital expenditure reserve of $786 related to a mortgage loan secured by a SNF and ALF in Texas. The loan is accounted for as an unconsolidated JV in accordance with GAAP. For more information regarding this loan see Note 3. Investment in Unconsolidated Joint Ventures.

(5)Represents working capital loan commitments.

Additionally, some of our lease agreements provide purchase options allowing the lessee to purchase the properties they currently lease from us. See Note 2. Real Estate Investments for a table summarizing information about our purchase options.

We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims.

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(Unaudited)

10.

Major Operators

We have one operator that represents 10% or more of our combined rental revenue and interest income from mortgage loans. The following table sets forth information regarding our major operator as of September 30, 2024:

Number of

Number of

Percentage of

SNF

ALF

Total

Total

Operator

SNF

ALF

Beds

Units

Revenues

Assets (1)

Prestige Healthcare (2)

23

2,694

93

15.4

%

14.0

%

(1)Represents the net carrying value of the mortgage loans and properties we own divided by the Total assets on the Consolidated Balance Sheets.

(2)The majority of the revenue derived from this operator relates to interest income from mortgage loans.

Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare or any of our lessees and borrowers face financial difficulties, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, or in the event any such operator does not renew and/or extend its relationship with us.

11.

Earnings per Share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

2024

2023

2024

2023

Net income

$

30,862

$

22,627

$

75,289

$

62,792

Less income allocated to non-controlling interests

 

(1,496)

 

(430)

 

(2,332)

 

(1,287)

Less income allocated to participating securities:

Non-forfeitable dividends on participating securities

(173)

(147)

(511)

(440)

Income allocated to participating securities

(28)

(1)

(1)

Total net income allocated to participating securities

(201)

(147)

(511)

(440)

Net income available to common stockholders

29,165

22,050

72,446

61,065

Effect of dilutive securities:

Participating securities (2)

Net income for diluted net income per share

$

29,165

$

22,050

$

72,446

$

61,065

Shares for basic net income per share

43,868

41,153

43,313

41,127

Effect of dilutive securities:

Stock options (2)

Performance-based stock units

526

58

526

58

Participating securities (2)

Total effect of dilutive securities

526

58

526

58

Shares for diluted net income per share

44,394

41,211

43,839

41,185

Basic net income per share

$

0.66

$

0.54

$

1.67

$

1.48

Diluted net income per share

$

0.66

$

0.54

$

1.65

$

1.48

(1)The computation of the net income per share for the three and nine months ended September 30, 2024 and 2023 are made independently. Therefore, the sum of the quarters may not agree with the amounts for the year-to-date periods.

(2)For the three and nine months ended September 30, 2024 and 2023, the participating securities and stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

12.

Fair Value Measurements

In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not elect the fair value option for any of our financial assets and financial liabilities.

The carrying amount of cash and cash equivalents approximates their fair value because of the short-term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and estimated fair value of our financial instruments as of September 30, 2024 and December 31, 2023 were as follows (in thousands):

At September 30, 2024

At December 31, 2023

Carrying

Fair

Carrying

Fair 

Value

Value

Value

Value

Financing receivables, net of credit loss reserve

$

357,889

$

363,900

(1)

$

196,032

$

199,199

(1)

Mortgage loans receivable, net of credit loss reserve

360,776

422,180

(2)

477,266

554,993

(2)

Notes receivable, net of credit loss reserve

 

47,691

 

53,923

(3)

 

60,490

 

67,877

(3)

Revolving line of credit

 

240,150

240,150

(4)

302,250

302,250

(4)

Term loans, net of debt issue costs

99,771

100,000

(4)

99,658

100,000

(4)

Senior unsecured notes, net of debt issue costs

 

445,402

417,267

(5)

489,409

439,865

(5)

(1)Our investment in financing receivables is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate used to value our future cash inflows of the financing receivables at September 30, 2024 and December 31, 2023 was 7.3% and 7.6%, respectively.

(2)Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at September 30, 2024 and December 31, 2023 was 9.8% and 9.2%, respectively.

(3)Our investments in notes receivable are classified as Level 3. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash flows of the notes receivable at September 30, 2024 and December 31, 2023 was 7.6% and 6.9%, respectively.

(4)Our revolving line of credit and term loans bear interest at a variable interest rate. The estimated fair value of our revolving line of credit and term loans approximated their carrying values at September 30, 2024 and December 31, 2023 upon prevailing market interest rates for similar debt arrangements.

(5)Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At September 30, 2024, the discount rate used to value our future cash outflow of our senior unsecured notes was 5.5% for those maturing before year 2030 and 5.75% for those maturing at or beyond year 2030. At December 31, 2023, the discount rate used to value our future cash outflow of our senior unsecured notes was 6.5% for those maturing before year 2030 and 6.75% for those maturing at or beyond year 2030.

13.

Subsequent Events

Subsequent to September 30, 2024, the following events occurred:

Real Estate. We sold a closed assisted living community located in Colorado for $5,250,000. At September 30, 2024, the community was classified as held-for-sale and had a gross book value of $5,852,000 and a net book value of $4,058,000.

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

Mortgage Loan Receivable. We received the payoff of a $51,111,000 mortgage loan receivable secured by a 203-unit assisted living community in Georgia.

Debt. We repaid $93,800,000 under our unsecured revolving line of credit. Accordingly, we have $146,350,000 outstanding and $278,650,000 available for borrowing under our unsecured revolving line of credit.

Equity: We sold 226,370 shares of common stock for $7,936,000 in net proceeds under our Equity Distribution Agreements. Accordingly, we have $1,522,000 available under our Equity Distribution Agreements.

We declared a monthly cash dividend of $0.19 per share on our common stock for the months of October, November and December 2024, payable on October 31, November 29, and December 31, 2024, respectively to stockholders of record on October 23, November 21, and December 23, 2024, respectively.

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Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Statement Regarding Forward-Looking Statements

This quarterly report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as “believes,” “expects,” “may,” “will,” “could,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or the negative of those words or similar words. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect our future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, our dependence on our operators for revenue and cash flow; the duration and extent of the effects of the COVID-19 pandemic; government regulation of the health care industry; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with federal, state, or local regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by our operators; our reliance on a few major operators; our ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation, operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of our real estate investments; the relative illiquidity of our real estate investments; our ability to develop and complete construction projects; our ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; our ability to grow if access to capital is limited; and a failure to maintain or increase our dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in our publicly available filings with the Securities and Exchange Commission. We do not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise.

Executive Overview

Business and Investment Strategy

We are a real estate investment trust (“REIT”) that invests in seniors housing and health care properties through sale-leaseback, financing receivables, mortgage financing, joint ventures and structured finance solutions including preferred equity and mezzanine lending. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in seniors housing and health care properties managed by experienced operators.

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The following graph summarizes our gross investments as of September 30, 2024:

Graphic

Our primary seniors housing and health care property classifications include skilled nursing centers (“SNF”), assisted living communities (“ALF”), independent living communities (“ILF”), memory care communities (“MC”) and combinations thereof. We also invest in other (“OTH”) types of properties, such as land parcels, projects under development (“UDP”) and behavioral health care hospitals. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, property classification and form of investment.

We conduct and manage our business as one operating segment for internal reporting and internal decision-making purposes. For purposes of this quarterly report and other presentations, we generally include ALF, ILF, MC, and combinations thereof in the ALF classification. As of September 30, 2024, seniors housing and health care properties comprised approximately 99.4% of our gross investment portfolio. We have been operating since August 1992.

Substantially all of our revenues and sources of cash flows from operations are derived from operating lease rentals, interest earned on financing receivable, interest earned on outstanding loans receivable and income from investments in unconsolidated joint ventures. Income from our investments represent our primary source of liquidity to fund distributions and are dependent upon the performance of the operators on their lease and loan obligations and the rates earned thereon. To the extent that the operators experience operating difficulties and are unable to generate sufficient cash to make payments to us, there could be a material adverse impact on our consolidated results of operations, liquidity and/or financial condition. To mitigate this risk, we monitor our investments through a variety of methods determined by property type and operator. Our monitoring process includes periodic review of financial statements for each facility, periodic review of operator credit, scheduled property inspections and review of covenant compliance.

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In addition to our monitoring and research efforts, we also structure our investments to help mitigate payment risk. Some operating leases and loans are credit enhanced by guaranties and/or letters of credit. In addition, operating leases are typically structured as master leases and loans are generally cross-defaulted and cross-collateralized with other loans, operating leases or agreements between us and the operator and its affiliates.

Depending upon the availability and cost of external capital, we anticipate making additional investments in health care related properties. New investments are generally funded from cash on hand, proceeds from periodic asset sales, temporary borrowings under our unsecured revolving line of credit and internally generated cash flows. Our investments generate internal cash from rent and interest receipts and principal payments on loan receivables and income from unconsolidated joint ventures. Permanent financing for future investments, which replaces funds drawn under our unsecured revolving line of credit, is expected to be provided through a combination of public and private offerings of debt and equity securities. We could also look to secured and unsecured debt financing. The timing, source and amount of cash flows provided by financing activities and used in investing activities are sensitive to the capital markets’ environment, especially to changes in interest rates. Changes in the capital markets’ environment may impact the availability of cost-effective capital.

We believe our business model has enabled and will continue to enable us to maintain the integrity of our property investments, including in response to financial difficulties that may be experienced by operators. Traditionally, we have taken a conservative approach to managing our business, choosing to maintain liquidity and exercise patience until favorable investment opportunities arise.

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Real Estate Portfolio Overview

The following tables summarize our real estate investment portfolio by owned properties and mortgage loans and by property type, as of September 30, 2024 (dollar amounts in thousands):

Nine Months Ended

September 30, 2024

Number of 

Percentage

Percentage

Number of

SNF

ALF

Gross

of 

Rental

of Total

Owned Properties

Properties (1)

Beds

Units

Investments

Investments

Revenue

Revenues

Assisted Living

73

4,341

$

732,120

34.1

%

$

37,450

27.7

%

Skilled Nursing

50

6,113

236

598,063

27.9

%

46,170

34.1

%

Other (2)

1

118

12,005

0.6

%

827

0.6

%

Total Owned Properties

124

6,231

4,577

1,342,188

62.6

%

84,447

(4)

62.4

%

Number of 

Percentage

Interest Income

Percentage

Number of

SNF

ALF

Gross

of 

from Financing

of Total

Financing Receivables

Properties (1)

Beds

Units

Investments

Investments

Receivable

Revenues

Assisted Living

28

1,263

284,878

13.3

%

10,452

7.7

%

Skilled Nursing

3

299

76,626

3.5

%

4,209

3.1

%

Total Financing Receivables

31

299

1,263

361,504

16.8

%

14,661

10.8

%

Number of 

Percentage

Interest Income

Percentage

Number of

SNF

ALF

Gross

of 

from Mortgage

of Total

Mortgage Loans

Properties (1)

Beds

Units

Investments

Investments

Loans

Revenues

Assisted Living

5

452

82,567

3.8

%

4,936

3.7

%

Skilled Nursing

22

2,726

271,848

12.7

%

24,821

18.4

%

Under Development (3)

9,999

0.5

%

580

0.4

%

Total Mortgage Loans

27

2,726

452

364,414

17.0

%

30,337

(5)

22.5

%

Number of 

Percentage

Interest

Percentage

Number of

SNF

ALF

Gross

of 

and other

of Total

Notes Receivable

Properties (1)

Beds

Units

Investments

Investments

Income

Revenues

Assisted Living

6

765

46,490

2.1

%

3,686

2.7

%

Skilled Nursing

1,683

0.1

%

351

0.3

%

Total Notes Receivable

6

765

48,173

2.2

%

4,037

(6)

3.0

%

Number of 

Percentage

Income from

Percentage

Number of

SNF

ALF

Gross

of 

Unconsolidated

of Total

Unconsolidated Joint Ventures

Properties (1)

Beds

Units

Investments

Investments

Joint Ventures

Revenues

Assisted Living

2

362

19,340

0.9

%

1,150

0.9

%

Skilled Nursing

1

104

11,262

0.5

%

589

0.4

Total Unconsolidated Joint Ventures

3

104

362

30,602

1.4

%

1,739

1.3

%

Total Portfolio

191

9,360

7,419

$

2,146,881

100.0

%

$

135,221

100.0

%

Number

Number of

Percentage

of

SNF

ALF

Gross

of

Summary of Properties by Type

Properties (1)

Beds

Units

Investments

Investments

Assisted Living

114

7,183

$

1,165,395

54.2

%

Skilled Nursing

76

9,242

236

959,482

44.7

%

Other (2)

1

118

12,005

0.6

%

Under Development (3)

9,999

0.5

%

Total Portfolio

191

9,360

7,419

$

2,146,881

100.0

%

(1)We have investments in owned properties, financing receivables, mortgage loans, notes receivable and unconsolidated joint ventures in 25 states to 29 operators.

(2)Includes three parcels of land held-for-use and one behavioral health care hospital.

(3)Includes a mortgage loan commitment for the construction of an 85-unit ALF and MC in Michigan.

(4)Excludes $9,830 variable rental income from lessee reimbursement, $3,508 rental income from sold properties and $321 write-off of straight-line rent.

(5)Excludes $5,505 interest income from paid-off mortgage loans.

(6)Included in the Interest and other income line item of our Consolidated Statements of Income.

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As of September 30, 2024, we had $1.7 billion in net carrying value of investments, consisting of $942.3 million or 54.2% invested in owned and leased properties, $357.9 million or 20.6% invested in financing receivables, $360.8 million or 20.7% invested in mortgage loans secured by first mortgages, $47.7 million or 2.7% in notes receivable and $30.6 million or 1.8% in unconsolidated joint ventures.

Rental income, income from financing receivables and interest income from mortgage loans represented 62.0%, 9.3% and 22.8%, respectively, of Total revenues on the Consolidated Statements of Income for the nine months ended September 30, 2024. In most instances, our lease structure contains fixed annual rental escalations and/or annual rental escalations that are contingent upon changes in the Consumer Price Index. Certain leases have annual rental escalations that are contingent upon changes in the gross operating revenues of the property. This revenue is not recognized until the appropriate contingencies have been resolved.

Many of our existing leases contain renewal options that, if exercised, could result in the amount of rent payable upon renewal being greater or less than that currently being paid. During 2023, Brookdale Senior Living Communities, Inc. (“Brookdale”) elected not to exercise its renewal option under a master lease that matured on December 31, 2023. The 35-community assisted living portfolio was apportioned as follows (dollar amounts in thousands):

Type

Number

Number

First

Lease

of

of

of

Year

Lease

Commencement

State

Property

Properties

Units

Rent

Term

November 2023

OK

ALF

5

(1)

184

$

960

Three years

January 2024

CO, KS, OH, TX

ALF

17

(2)

738

9,325

Six years

January 2024

NC

ALF

5

(3)

210

3,300

Six years

27

1,132

$

13,585

Type

Number

Number

of

of

of

Sales

Net

Year sold

State

Property

Properties

Units

Price

Proceeds (4)

2023

FL

ALF

4

176

$

18,750

$

14,310

(5)

2023

OK

ALF

1

37

800

769

2023

SC

ALF

3

128

8,409

8,153

8

341

$

27,959

$

23,232

Total

35

1,473

(1)These communities were transitioned to an existing LTC operator. The new master lease includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option. Rent increases to $984 in the second year, and $1,150 in the third year.

(2)These communities were re-leased to Brookdale under a new master lease. Rent escalates by approximately 2.0% annually. The new master lease includes a purchase option that can be exercised in 2029. We also agreed to fund $7,200 for capital expenditures for the first two years of the lease at an initial rate of 8.0% escalating by approximately 2.0% annually thereafter.

(3)These communities were transitioned to an operator new to us. Rent escalates by approximately 3.0% annually.

(4)Net of transaction costs and seller financing, if any.

(5)We provided seller financing collateralized by two of the Florida properties, with a total of 92 units. The $4,000 seller-financed mortgage loan has a two-year term, with a one-year extension, at an interest rate of 8.75%.

During the three months ended March 31, 2024, a master lease covering 11 skilled nursing centers, that was scheduled to mature in January 2024, was renewed for seven months extending the maturity to August 2024. The centers have a total of 1,444 beds and are located in Texas. During the three months ended June 30, 2024, this master lease was amended to extend the lease term to December 31,

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2028, with two five-year renewal options. The annual rent increased from $8.0 million to $9.0 million for 2024. Rent will increase to $9.5 million in 2025 and $10.0 million in 2026, escalating 3.3% annually thereafter. As a condition of the amended master lease, the operator paid $12.0 million during 2024, towards its $13.5 million working capital note. The remaining $1.5 million balance of the working capital note is interest-free and repaid in installments through 2028.

Additionally, during 2024, another operator exercised its renewal option under its master lease for five years, from March 2025 through February 2030. Annual cash and GAAP rent for 2024 are $8.0 million and $7.0 million, respectively escalating 2.5% annually. The master lease covers 666 beds across four skilled nursing centers, three in Texas and one in Wisconsin and a behavioral health care hospital in Nevada.

For the nine months ended September 30, 2024, we recorded $0.6 million in straight-line rental adjustment reflecting higher cash rent received than recorded as rental income, and amortization of lease incentive cost of $0.6 million. During the nine months ended September 30, 2024, we received $99.0 million of cash rental income, which includes $9.8 million of operator reimbursements for real estate taxes. At September 30, 2024, the straight-line rent receivable balance on the consolidated balance sheet was $18.7 million.

For the nine months ended September 30, 2024, we recorded $14.7 million in Interest income from financing receivables which includes $11.7 million of interest received in cash and $3.0 million in financing receivables effective interest. At September 30, 2024, the financing receivables effective interest receivable which is included in the Interest receivable line item on our Consolidated Balance Sheets was $4.3 million.

For the nine months ended September 30, 2024, we recorded $35.8 million in Interest income from mortgage loans which includes $32.7 million of interest received in cash, $0.2 million of income from interest reserves and $2.9 million in mortgage loans effective interest. At September, 30, 2024, the mortgage loans effective interest receivable which is included in the Interest receivable line item on our Consolidated Balance Sheets was $51.9 million.

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Table of Contents

Update on Certain Operators

ALG Senior Living

During the third quarter of 2022, a portfolio of 12 assisted living communities was temporarily transitioned to ALG Senior Living (“ALG”) under a two-year master lease. The temporary transition allowed us to find a more permanent solution for the portfolio as follows (dollar amounts in thousands):

Type

Number

Number

Lease

of

of

of

Lease

Commencement

State

Property

Properties

Beds/Units

Term

January 2024

GA, SC

ALF

2

159

Two years

April 2024

TX

ALF

1

56

Two years

3

215

Type

Number

Number

of

of

of

Sales

Net

Year sold

State

Property

Properties

Beds/Units

Price

Proceeds

2023

FL

ALF

1

70

$

4,850

$

4,147

2023

MS

ALF

1

67

1,650

1,419

2024

TX

ALF

5

208

1,600

892

2024

TX

ALF

2

500

389

9

345

$

8,600

$

6,847

Total

12

560

During the second quarter of 2024, we funded an additional $5.5 million under a mortgage loan receivable due from an ALG affiliate secured by 13 assisted living and memory care communities located in North Carolina (12) and South Carolina (1). We then entered into a newly formed $122.5 million joint venture with ALG, whereby we exchanged our $64.5 million mortgage loan receivable for a 53% controlling interest in the JV. Concurrently, ALG contributed these properties to the joint venture for a 47% non-controlling interest. The JV leased the properties to an ALG affiliate under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option exercisable through 2028, with an exit IRR of 8.0%.

During the second quarter of 2024, we also funded an additional $2.8 million under a mortgage loan receivable due from an ALG affiliate secured by four assisted living communities located in North Carolina. We then entered into another newly formed $41.0 million joint venture with ALG, whereby we exchanged $38.0 million of mortgage loan receivables for a 93% controlling interest in the JV. Concurrently, ALG contributed these properties and a parcel of land to the joint venture for a 7% non-controlling interest. The JV leased the properties to an ALG affiliate under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option exercisable through 2028, with an exit IRR of 8.0%. All of our investments with ALG are now cross-defaulted and cross-collateralized, providing us with added security.

We determined that these joint venture transactions meet the criteria to be presented as financing receivables and that we exercise power over and receive benefits from each of these joint ventures, thus consolidated them as Financing Receivables on our Consolidated Balance Sheets.

Additionally, we have a controlling interest in a separate consolidated JV with ALG. These communities are located in North Carolina and are accounted for as financing receivables. During the second quarter of 2024, we deferred the consolidated JV income for a total of $2.2 million for May through September 2024. Also, we agreed to defer up to $258,000 in consolidated JV income per month

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Table of Contents

related to this JV for October through December 2024. Accordingly, the estimated 2024 consolidated JV deferred income related to this JV is $3.0 million. We also agreed to reduce rent from a lease on an assisted living community operated by ALG to $0 for May through September 2024, with quarterly market-based rent resets thereafter. We wrote-off $321,000 of straight-line rent receivable related to this lease during the three months ended June 30, 2024.

Prestige Healthcare

Prestige Healthcare (“Prestige”) operates 21 skilled nursing centers located in Michigan secured under four mortgage loans and two skilled nursing centers located in South Carolina under a master lease. Prestige is our largest operator based upon revenues and assets representing 15.4% of our total revenues and 14.0% of our total assets as of September 30, 2024. During the second quarter of 2023, we agreed to defer up to $1.5 million, or up to $0.3 million per month for May through September 2023, in interest payments due on one of Prestige’s mortgage loans secured by 15 skilled nursing centers in Michigan. During the three months ended September 30, 2024, we consented to the sale of one of the 15 skilled nursing centers that secured this mortgage loan and received $2.0 million of partial principal paydown related to the sale. Accordingly, the mortgage loan is secured by 14 skilled nursing centers.

During the fourth quarter of 2023, we amended the mortgage loan with Prestige which was subject to the previously agreed upon interest deferral. Effective January 1, 2024, the minimum mortgage interest payment due to us is based on an annual current pay rate of 8.5% on the outstanding loan balance. The current contractual interest rate on the loan of 10.8% remains unchanged. The amendment also provides us the right to draw on Prestige’s security to pay the difference between the contractual rate and current pay rate.

During the nine months ended September 30, 2024, Prestige increased the security by $2.7 million from its receipt of retroactive Medicaid funds. Additionally, in the fourth quarter of 2024, we expect to receive approximately $6.0 million of additional security from Prestige from its receipt of retroactive Medicaid payments and the security will continue to increase beginning in January 2025 by 50% of Prestige’s excess cash flow. We received all 2023 contractual interest of $19.5 million due from Prestige after applying $3.4 million of its security. Full contractual interest was received through October 2024 from payments received from Prestige and application of security. We expect to receive full contractual cash interest through at least 2025. The following table summarizes the activity of Prestige’s security (in thousands):

Balance

Balance

Balance

Balance

at

Deposits

Interest

at

Deposits

Interest

at

Deposits

Interest

at

12/31/2023

Received

Applications

3/31/2024

Received

Applications

6/30/2024

Received

Applications

9/30/2024

$

2,352

$

2,674

$

(1,074)

$

3,952

$

1

$

(1,072)

$

2,881

$

$

(1,062)

$

1,819

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Table of Contents

2024 Activities Overview

The following tables summarize our transactions during the nine months ended September 30, 2024 (dollar amounts in thousands):

Acquisition

We acquired a parcel of land in Kansas adjacent to an existing community operated by Brookdale for $0.3 million. Rent was increased by 8.0% of our total cost of the investment.

Investment in Improvement projects

Amount

Assisted Living Communities

$

8,663

Skilled Nursing Centers

1,245

Total

$

9,908

Properties Held -for-Sale

Type

Number

Number

of

of

of

Gross

Accumulated

State

Property

Properties

Beds/units

Investment

Depreciation

CO

ALF

(1)

1

(1)

$

5,852

$

(1,794)

(1)Subsequent to September 30, 2024, this closed property was sold for $5,250.

Properties Sold

Type

Number

Number

of

of

of

Sales

Carrying

Net

State

Properties

Properties

Beds/Units

Price

Value

(Loss) Gain (1)

Florida

ALF

1

60

$

4,500

$

4,579

$

(289)

Texas

ALF

5

208

1,600

1,282

(390)

Texas

ALF

2

500

389

Texas

ALF

1

80

7,959

(2)

4,314

3,635

Wisconsin

ALF

1

110

20,193

(3)

16,195

3,986

n/a

n/a

(60)

(4)

Total (5)

10

458

$

34,752

$

26,759

$

6,882

(1)Calculation of net gain includes cost of sales and write-off of straight-line receivable and lease incentives, when applicable.

(2)Additionally, as part of the negotiated sale, we received an additional $441 representing rental income through lease maturity in January 2025.

(3)Represents the price to sell our portion of interest in a JV, net of the JV partner’s $2,305 contributions in the joint venture.

(4)We recognized additional loss due to additional incurred costs related to properties sold during 2023.

(5)Subsequent to September 30, 2024, we sold a closed ALF located in Colorado for $5,250. At September 30, 2024, the community was classified as held-for-sale and had a gross book value of $5,852 and a net book value of $4,058.

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Investment in Financing Receivables

Amount

Investment and funding under financing receivables

$

163,557

(1)

Amortization of capital costs

(65)

Provision for loan loss reserve

(1,635)

(2)

$

161,857

(1)During the second quarter of 2024, we entered into a newly formed $122,460 JV with ALG, whereby we exchanged our $64,450 mortgage loan receivable due from an ALG affiliate for a 53% controlling interest in the JV. This mortgage loan was secured by 13 ALFs and MCs located in North Carolina (12) and South Carolina (1). Concurrently, ALG contributed these properties to the joint venture for a 47% non-controlling interest. The JV leased the properties to an ALG affiliate under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option exercisable through 2028, with an exit IRR of 8.0%. During the second quarter of 2024, we also entered into another newly formed $41,000 JV with ALG, whereby we exchanged $37,985 mortgage loan receivables due from an ALG affiliate for a 93% controlling interest in the JV. This mortgage loan was secured by four ALFs located in North Carolina. Concurrently, ALG contributed these properties and a parcel of land to the joint venture for a 7% non-controlling interest. The JV leased the properties to an ALG affiliate under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option exercisable through 2028, with an exit IRR of 8.0%.

(2)We recorded an aggregate Provision for Credit Losses of $1,635 equal to 1.0% of the combined balance of joint venture investments as explained above.

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Investment in Mortgage Loans Receivable

During 2024, we committed to fund a $26.1 million mortgage loan receivable for the construction of a 116-unit independent living, assisted living and memory care community in Illinois. The borrower contributed $12.3 million of equity which will initially fund the construction. The loan term is approximately six years at a current rate of 9.0% and an IRR of 9.5%. The following table summarizes our mortgage loan activity for the nine months ended September 30, 2024 (in thousands):

Amount

Originations and funding under mortgage loans receivable

$

19,078

(1)

Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables

(102,435)

(2)

Pay-offs received

(34,094)

(3)

Application of interest reserve

169

Scheduled principal payments received

(380)

Mortgage loan premium amortization

(4)

Recovery of loan loss reserve

1,176

Net decrease in mortgage loans receivable

$

(116,490)

(1)The following funding occurred:

(a)$9,999 under a $19,500 mortgage loan commitment for the construction of an 85-unit ALF and MC in Michigan. The borrower contributed $12,100 of equity upon origination in July 2023, which was used to initially fund the construction. Our remaining commitment is $12,600. The interest-only loan term is approximately three years at a rate of 8.75%, and includes two, one-year extensions, each of which is contingent on certain coverage thresholds;

(b)$5,546 of additional funding under a mortgage loan receivable agreement with an ALG affiliate secured by 13 ALFs and MCs in North Carolina (12) and South Carolina (1). During the three months ended June 30, 2024, we exchanged this $64,450 mortgage loan receivable for a controlling interest in a JV investment with an ALG affiliate. See Financing Receivables above for more information;

(c) $2,766 of additional funding under a mortgage loan receivable agreement with an ALG affiliate secured by four ALFs in North Carolina. During the three months ended June 30, 2024, we exchanged this $37,985 mortgage loan receivable for a controlling interest in a JV investment with an ALG affiliate. See Financing Receivables above for more information; and

(d)$767 of additional funding.

(2)The following occurred:

(a)$64,450 mortgage loan receivable due from an ALG affiliate was exchanged for a controlling interest in a JV. See (1)(b) above for more information; and

(b)$37,985 mortgage loan receivable due from an ALG affiliate was exchanged for a controlling interest in a JV. See (1)(c) above for more information.

(3)We received the payoff of a $29,347 mortgage loan secured by a 189-bed SNF in Louisiana and a $2,013 mortgage loan secured by a parcel of land in Missouri. Additionally, we received a partial principal paydown of $2,734 related to the sale of a SNF securing the mortgage loan previously secured by 15-SNFs in Michigan.

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Preferred Equity Investment in Unconsolidated Joint Ventures

Type

Total

Contractual

Number

Cash

Non-cash

of

Preferred

Cash

of

Carrying

Income

Income

Income

State

Properties

Return

Portion

Beds/ Units

Value

Recognized

Earned

Accrued

Texas

(1)

SNF/ALF

9.2

%

9.2

%

104

$

11,262

$

589

$

589

$

Washington

(2)

ALF/MC

12.0

%

7.0

%

95

6,340

359

359

Washington

(3)

ILF/ALF

14.0

%

8.0

%

267

13,000

791

791

Total

466

$

30,602

$

1,739

$

948

$

791

(1)We originated a $12,700 mortgage loan to a current operator secured by a SNF/ALF campus in Texas. The investment commitment amount includes $11,164, funded during the three months ended June 30, 2024, an interest reserve of $750 and a capital expenditure reserve of $786. In accordance with GAAP, this mortgage loan was determined to be an acquisition, development and construction (“ADC”) loan and was accounted for as an unconsolidated JV. The campus has 104 beds (70 skilled nursing and 34 assisted living). The five-year mortgage loan is interest-only at a current rate of 9.15%.

(2)Our investment represents 15.5% of the total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the internal rate of return (“IRR”) is 8%. After achieving an 8% IRR, the cash rate drops to 8% with an IRR ranging between 12% to 14%, depending upon timing of redemption. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036.

(3)Our investment represents 11.6% of the estimated total investment. The preferred equity investment earns an initial cash rate of 8% with an IRR of 14%. The JV partner has the option to buy out our investment at any time after August 31, 2023 at the IRR rate. Also, we have the option to require the JV partner to purchase our preferred equity interest at any time between August 31, 2027 and prior to the end of the first renewal term of the lease.

Notes Receivable

Amount

Advances under notes receivable

    

$

340

 

Principal payments received under notes receivable

(13,268)

(1)

Recovery of credit losses

129

Net decrease in notes receivable

$

(12,799)

(1)During 2024, we received $11,986 towards the paydown of a $13,531 working capital note. The remaining $1,545 balance of the working capital note is interest free and will be repaid in installments through 2028. Additionally, we received an aggregate $1,282 related to the payoff of two working capital notes.

Health Care Regulatory

The Centers for Medicare & Medicaid Services (“CMS”) annually updates Medicare SNF prospective payment system rates and other policies. On July 31, 2024, CMS issued a final rule to update SNF rates and policies for the fiscal year 2025. CMS estimated that the updated payment rates would result in a net increase of 4.2%, or approximately $1.4 billion, in Medicare Part A payments to SNFs in fiscal year 2025. CMS stated that its impact figures do not incorporate the SNF Value-Based Purchasing (“VBP”) reductions for certain SNFs subject to the net reduction in payments under the SNF VBP, which are estimated to total $196.5 million in fiscal year 2025. The final rule also changes CMS’s enforcement policies as they relate to imposing civil monetary penalties (“CMPs”) for health and safety violations in nursing homes. In the final rule, CMS expanded the type of CMPs that can be imposed to allow for more per instance and per day CMPs to be imposed, and to permit both types of penalties to be imposed concurrently. In addition, the final rule finalized updates to the SNF Quality Reporting Program (“QRP”) to better account for adverse social conditions that negatively impact individuals’ health or health care. Finally, for the SNF VBP program, CMS finalized several operational and administrative proposals.

On April 22, 2024, CMS issued the Minimum Staffing Standards for Long-Term Care Facilities and Medicaid Institutional Payment Transparency Reporting final rule. The final rule sets forth new comprehensive minimum staffing requirements. It finalizes a total nurse staffing standard of 3.48 hours per resident day, which must include at least 0.55 hours per resident day of direct registered nurse care and 2.45 hours per resident day of direct nurse aide care. Facilities may use any combination of nurse

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staff (registered nurse, licensed practical nurse and licensed vocational nurse, or nurse aide) to account for the additional 0.48 hours per resident day needed to comply with the total nurse staffing standard. CMS also finalized enhanced facility assessment requirements and a requirement to have a registered nurse onsite 24 hours a day, seven days a week, to provide skilled nursing care. The final rule also provides a staggered implementation timeframe of the minimum nurse staffing standards and 24/7 registered nurse requirement based on geographic location as well as possible exemptions for qualifying facilities for some parts of these requirements based on workforce unavailability and other factors. The final rule has been challenged in federal courts in Texas and Iowa; the rule may be subject to further revision or deferral due to the pending litigation, pending legislation, or administration changes.

There can be no assurance that these rules or future regulations modifying Medicare SNF payment rates or other requirements for Medicare and/or Medicaid participation will not have an adverse effect on the financial condition of our borrowers and lessees which could, in turn, adversely impact the timing or level of their payments to us. Failure by an operator to comply with regulatory requirements can, among other things, jeopardize a facility’s compliance with the conditions of participation under relevant federal and state healthcare programs. Further the ability of our operators to comply with applicable regulations, including minimum staffing requirements, can be adversely impacted by changes in the labor market and increases in inflation.

Key Performance Indicators, Trends and Uncertainties

We utilize several key performance indicators to evaluate the various aspects of our business. These indicators are discussed below and relate to concentration risk and credit strength. Management uses these key performance indicators to facilitate internal and external comparisons to our historical operating results in making operating decisions and for budget planning purposes.

Concentration Risk. We evaluate by gross investment our concentration risk in terms of asset mix, real estate investment mix, operator mix and geographic mix. Concentration risk is valuable to understand what portion of our real estate investments could be at risk if certain sectors were to experience downturns. Asset mix measures the portion of our investments that are real property or mortgage loans. The National Association of Real Estate Investment Trusts (“NAREIT”), an organization representing U.S. REITs and publicly traded real estate companies, classifies a company with 50% or more of assets directly or indirectly in the equity ownership of real estate as an equity REIT. Investment mix measures the portion of our investments that relate to our various property classifications. Operator mix measures the portion of our investments that relate to our top five operators. Geographic mix measures the portion of our real estate investment that relate to our top five states.

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The following table reflects our recent historical trends of concentration risk (gross investment, in thousands):

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

 

Asset mix:

    

    

    

    

    

Real property

$

1,342,188

$

1,342,069

$

1,342,921

$

1,379,332

$

1,405,848

Financing receivables

361,504

361,525

197,990

198,012

198,033

Mortgage Loan receivables

364,414

393,375

485,095

482,080

478,344

Notes receivable

48,173

58,995

60,551

61,101

63,693

Unconsolidated joint ventures

30,602

30,504

19,340

19,340

19,340

Real estate investment mix:

Assisted living communities

$

1,165,395

$

1,166,053

$

1,096,573

$

1,133,543

$

1,149,589

Skilled nursing centers

959,482

1,001,532

991,540

991,492

987,877

Other (1)

12,005

12,005

14,844

14,830

14,792

Under development

 

9,999

6,878

2,940

13,000

Operator mix:

ALG Senior

$

307,308

$

307,308

$

249,882

$

298,816

$

310,789

Prestige Healthcare (1)

269,345

272,081

272,338

272,465

272,767

Encore Senior Living

191,988

187,645

183,345

179,753

179,430

HMG Healthcare, LLC

166,833

176,877

178,422

178,422

176,644

Anthem Memory Care, LLC

156,407

156,407

156,407

156,312

156,054

Remaining operators

1,055,000

1,086,150

1,065,503

1,054,097

1,069,574

Geographic mix:

Texas

$

323,737

$

328,428

$

320,214

$

328,467

$

329,545

North Carolina

301,142

300,893

234,918

234,665

234,665

Michigan

287,795

287,389

283,708

280,857

281,159

Ohio

144,229

143,115

142,897

142,669

142,483

Florida

130,196

130,218

130,240

137,941

146,178

Remaining states

959,782

996,425

993,920

1,015,266

1,031,228

(1)Includes three parcels of land located adjacent to properties securing the Prestige Healthcare mortgage loan and are managed by Prestige.

Credit Strength. We measure our credit strength both in terms of leverage ratios and coverage ratios. Our leverage ratios include debt to gross asset value and debt to market capitalization. The leverage ratios indicate how much of our Consolidated Balance Sheets capitalization is related to long-term obligations. Our coverage ratios include interest coverage ratio and fixed charge coverage ratio. The coverage ratios indicate our ability to service interest and fixed charges (interest). The coverage ratios are based on earnings before interest, taxes, depreciation and amortization for real estate (“EBITDAre”) as defined by NAREIT. EBITDAre is calculated as net income available to common stockholders (computed in accordance with GAAP) excluding (i) interest expense, (ii) income tax expense, (iii) real estate depreciation and amortization, (iv) impairment write-downs of depreciable real estate, (v) gains or losses on the sale of depreciable real estate, and (vi) adjustments for unconsolidated partnerships and joint ventures. Leverage ratios and coverage ratios are widely used by investors, analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. The following table reflects the recent historical trends for our credit strength measures:

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Table of Contents

Balance Sheet Metrics

Year to Date

Quarter Ended

9/30/24

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

Debt to gross asset value

34.5

34.5

%

(1)

37.6

%

(4)

38.9

%

(1)

39.5

%

(1)

42.1

%

Debt to market capitalization ratio

32.3

32.3

%

(2)

36.5

%

(5)

37.9

%

(7)

39.2

%

(7)

41.8

%

Interest coverage ratio (9)

3.8

x

4.2

x

(3)

3.7

x

(6)

3.5

x

(8)

3.3

x

3.2

x

Fixed charge coverage ratio (9)

3.8

x

4.2

x

(3)

3.7

x

(6)

3.5

x

(8)

3.3

x

3.2

x

(1)Decreased due to decrease in outstanding debt partially offset by decrease in gross asset value.

(2)Decreased due to decrease in outstanding debt and increase in market capitalization resulting from the sale of common stock under our Equity Distribution Agreements as well as increase in stock price.

(3)Increase due to decrease in interest expense and increase in rental and other income.

(4)Decreased due to increase in gross asset value.

(5)Decreased due to increase in market capitalization.

(6)Increased primarily due to increase in rental income from acquisitions, contractual rent increases and annual escalations.

(7)Decreased due to decrease in outstanding debt and increase in market capitalization from issuance of common stock.

(8)Increased due to decrease in interest expense.

(9)In calculating our interest coverage and fixed charge coverage ratios above, we use EBITDAre, which is a financial measure not derived in accordance with GAAP (non-GAAP financial measure). EBITDAre is not an alternative to net income, operating income or cash flows from operating activities as calculated and presented in accordance with GAAP. You should not rely on EBITDAre as a substitute for any such GAAP financial measures or consider it in isolation, for the purpose of analyzing our financial performance, financial position or cash flows. Net income is the most directly comparable GAAP measure to EBITDAre.

Year to Date

Quarter Ended

9/30/24

9/30/24

6/30/24

3/31/24

12/31/23

9/30/23

Net income

$

75,289

$

30,862

$

19,738

$

24,689

$

28,670

$

22,627

Less: Gain on sale

(6,882)

(3,663)

32

(3,251)

(16,751)

(4,870)

Add: Impairment loss

3,265

Add: Interest expense

31,971

10,023

10,903

11,045

12,419

12,674

Add: Depreciation and amortization

27,173

9,054

9,024

9,095

9,331

9,499

EBITDAre

127,551

46,276

39,697

41,578

36,934

39,930

(Less)/Add : Non-recurring one-time items

(5,528)

(1) (2) (3)

(4,173)

(1)

1,022

(2)

(2,377)

(3)

3,561

(4)

Adjusted EBITDAre

$

122,023

$

42,103

$

40,719

$

39,201

$

40,495

$

39,930

Interest expense

$

31,971

$

10,023

$

10,903

$

11,045

$

12,419

$

12,674

Interest coverage ratio

3.8

x

4.2

x

3.7

x

3.5

x

3.3

x

3.2

x

Interest expense

$

31,971

$

10,023

$

10,903

$

11,045

$

12,419

$

12,674

Total fixed charges

$

31,971

$

10,023

$

10,903

$

11,045

$

12,419

$

12,674

Fixed charge coverage ratio

3.8

x

4.2

x

3.7

x

3.5

x

3.3

x

3.2

x

(1)Includes an aggregate one-time income of $4,493 received from three former operators, the recovery of provisions for credit losses of $293 related to a mortgage loan receivable payoff, partially offset by the uncollectible effective interest write-off of $613 related to the partial paydown of a mortgage loan receivable.

(2)Includes $321 write-off of an uncollectible straight-line rent receivable, $1,635 provision for credit losses related to acquisitions totaling $163,460 accounted for as financing receivables, partially offset by $934 recovery of provision for credit losses related to the payoffs of mortgage loan receivables.

(3)Represents the repayment of an operator rent credit received from the buyer/lessee in connection with the sale of a 110-unit ALF in Wisconsin.

(4)Represents the write-off of an uncollectible working capital note related to the sale and transition of 10 ALFs.

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Table of Contents

We evaluate our key performance indicators in conjunction with current expectations to determine if historical trends are indicative of future results. Our expected results may not be achieved, and actual results may differ materially from our expectations. This may be a result of various factors, including, but not limited to

The status of the economy;
The status of capital markets, including prevailing interest rates;
Compliance with and changes to regulations and payment policies within the health care industry;
Changes in financing terms;
Competition within the health care and seniors housing industries; and
Changes in federal, state and local legislation.

Additionally, the effects of inflation, COVID-19 and the pace of recovery from COVID-19 on our operators adversely affected and may continue to adversely affect our business, results of operations, cash flows and financial condition. Depending on the future developments regarding inflation, COVID-19 and the pace of recovery from its effects, historical trends reflected in our balance sheet metrics may not be achieved in the future.

Management regularly monitors the economic and other factors listed above. We develop strategic and tactical plans designed to improve performance and maximize our competitive position. Our ability to achieve our financial objectives is dependent upon our ability to effectively execute these plans and to appropriately respond to emerging economic and company-specific trends.

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Table of Contents

Operating Results (unaudited, in thousands)

Three Months Ended

 

September 30, 

 

2024

2023

Difference

 

Revenues:

Rental income

$

32,258

$

31,589

$

669

(1)

Interest income from financing receivables

7,001

3,832

3,169

(2)

Interest income from mortgage loans

10,733

12,247

(1,514)

(3)

Interest and other income

5,791

1,635

4,156

(4)

Total revenues

55,783

49,303

6,480

Expenses:

Interest expense

10,023

12,674

2,651

(5)

Depreciation and amortization

9,054

9,499

445

(6)

Provision for credit losses

215

189

(26)

Transaction costs

33

329

296

Property tax expense

3,186

3,271

85

General and administrative expenses

6,765

5,959

(806)

(7)

Total expenses

29,276

31,921

2,645

Other operating income:

Gain on sale of real estate, net

3,663

(8)

4,870

(9)

(1,207)

Operating income

30,170

22,252

7,918

Income from unconsolidated joint ventures

692

375

317

Net income

30,862

22,627

8,235

Income allocated to non-controlling interests

(1,496)

(430)

(1,066)

(2)

Net income attributable to LTC Properties, Inc.

29,366

22,197

7,169

Income allocated to participating securities

(201)

(147)

(54)

Net income available to common stockholders

$

29,165

$

22,050

$

7,115

(1)Increased primarily due to additional rental income received from transitioned portfolios, lease amendments and extensions and additional rental income through lease maturity received from a sold property partially offset by property sales.

(2)Increased primarily due to exchange of two mortgage loan receivables during the second quarter of 2024 for controlling interests in two newly formed JVs that are accounted for as financing receivables.

(3)Decreased primarily due to explanation (2) above partially offset by mortgage loan originations.

(4)Increased primarily due to aggregate one-time income of $4,052 received from two former operators.

(5)Decreased due to lower outstanding balance on our revolving line of credit and scheduled principal paydowns on our senior unsecured notes.

(6)Decreased due to sold properties.

(7)Increased due to higher costs related to properties transitioned to new operators, non-cash compensation charges and the timing of certain expenditures.

(8)Relates primarily to the sale of an 80-unit ALF in Texas.

(9)Represents the gain on sale of real estate related to two ALFs located in Pennsylvania during the third quarter of 2023.

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Table of Contents

Nine Months Ended

September 30, 

2024

2023

Difference

Revenues:

Rental income

$

97,464

$

94,861

$

2,603

(1)

Interest income from financing receivables

14,661

11,413

3,248

(2)

Interest income from mortgage loans

35,842

35,417

425

(3)

Interest and other income

9,298

5,358

3,940

(4)

Total revenues

157,265

147,049

10,216

Expenses:

Interest expense

31,971

34,595

2,624

(5)

Depreciation and amortization

27,173

28,085

912

(6)

Impairment loss

12,510

(7)

12,510

Provision for credit losses

942

2,107

1,165

(8)

Transaction costs

679

537

(142)

Property tax expense

9,816

9,751

(65)

General and administrative expenses

20,016

18,344

(1,672)

(9)

Total expenses

90,597

105,929

15,332

Other operating income:

Gain on sale of real estate, net

6,882

(10)

20,545

(11)

(13,663)

Operating income

73,550

61,665

11,885

Income from unconsolidated joint ventures

1,739

1,127

612

(12)

Net income

75,289

62,792

12,497

Income allocated to non-controlling interests

(2,332)

(1,287)

(1,045)

(2)

Net income attributable to LTC Properties, Inc.

72,957

61,505

11,452

Income allocated to participating securities

(511)

(440)

(71)

Net income available to common stockholders

$

72,446

$

61,065

$

11,381

(1)Increased primarily due to the repayment of $2,377 rent credit received in 2024 from the buyer/lessee in connection with the sale of our interest in a 110-unit ALF in Wisconsin, additional rental income received from an amended master lease, rental income from 2023 acquisitions and annual rent escalations, partially offset by property sales and transitioned portfolios.

(2)Increased primarily due to exchange of two mortgage loan receivables during the second quarter of 2024 for controlling interests in two newly formed JVs that are accounted for as financing receivables.

(3)Increased primarily due to mortgage loan originations during 2023 and additional funding during 2024 partially offset by explanation (2) above.

(4)Increased primarily due to aggregate one-time income of $4,052 received from two former operators, a 2023 mezzanine loan origination, receipt of insurance proceeds, partially offset by working capital loans payoff and paydowns.

(5)Decreased due to lower outstanding balance on our revolving line of credit and scheduled principal paydowns on our senior unsecured notes partially offset by higher interest rates on our revolving line of credit.

(6)Decreased due to sold properties.

(7)Represents $434 impairment loss related to a 70-unit ALF located in Florida that was sold during 2023 and an aggregate impairment loss of $12,076 related to two ALFs. See Note 2. Real Estate Investments within our consolidated financial statements for more information.

(8)Decreased primarily due to more originations during the nine months ended September 30, 2023 compared to nine months ended September 30, 2024.

(9)Increased due to higher costs related to properties transitioned to new operators, non-cash compensation charges, public company costs and the timing of certain expenditures.

(10)Represents the gain on sale of an 80-unit ALF in Texas, a 110-unit community in Wisconsin and two closed properties located in Texas, partially offset by the aggregate loss on sale of 6 ALFs located in Texas (five) and Florida (one).

(11)Represents the net gain on sale related to five ALFs located in Florida, Kentucky, New Jersey and Pennsylvania and two SNFs in New Mexico.

(12)Increased due to additional income from origination of a $12,700 mortgage loan receivable secured by a SNF/ALF in Texas. In accordance with GAAP, this mortgage loan receivable was determined to be an acquisition, development and construction (“ADC”) loan and is accounted for as an unconsolidated JV.

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Funds From Operations Available to Common Stockholders

Funds from Operations (“FFO”) attributable to common stockholders, basic FFO attributable to common stockholders per share and diluted FFO attributable to common stockholders per share are supplemental measures of a REIT’s financial performance that are not defined by GAAP. Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. We believe that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO facilitates comparisons of operating performance between periods.

We use FFO as a supplemental performance measurement of our cash flow generated by operations. FFO does not represent cash generated from operating activities in accordance with GAAP, and is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders.

We calculate and report FFO in accordance with the definition and interpretive guidelines issued by NAREIT. FFO, as defined by NAREIT, means net income available to common stockholders (computed in accordance with GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Our calculation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that have a different interpretation of the current NAREIT definition from us; therefore, caution should be exercised when comparing our FFO to that of other REITs.

The following table reconciles GAAP net income available to common stockholders to NAREIT FFO available to common stockholders (unaudited, amounts in thousands, except per share amounts):

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

2024

2023

2024

2023

GAAP net income available to common stockholders

$

29,165

$

22,050

$

72,446

$

61,065

Add: Depreciation and amortization

9,054

9,499

27,173

28,085

Add: Impairment loss

12,510

Less: Gain on sale of real estate, net

(3,663)

(4,870)

(6,882)

(20,545)

NAREIT FFO attributable to common stockholders

$

34,556

$

26,679

$

92,737

$

81,115

NAREIT FFO attributable to common stockholders per share:

Effect of dilutive securities:

Add: Participating securities

201

147

511

440

NAREIT Diluted FFO attributable to common stockholders

$

34,757

$

26,826

$

93,248

$

81,555

Weighted average shares used to calculate NAREIT FFO per share:

Shares for basic net income per share

43,868

41,153

43,313

41,127

Effect of dilutive securities:

Performance-based stock units

526

58

526

58

Participating securities

302

258

294

255

Total effect of dilutive securities

828

316

820

313

Shares for diluted net income per share

44,696

41,469

44,133

41,440

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Liquidity and Capital Resources

Sources and Uses of Cash

As of September 30, 2024, we had $229.4 million in liquidity as follow (amounts in thousands, except per share amounts):

At September 30, 2024

Cash and cash equivalents

$

35,040

(1)

Available under revolving line of credit

184,850

(2)

Available under Equity Distribution Agreements

9,558

(3)

Total Liquidity

$

229,448

(4)

(1)Subsequent to September 30, 2024, we used $29,600 of cash on hand to paydown our unsecured revolving line of credit. Accordingly, we have a cash balance of $5,440. See (2) below for further discussion of our unsecured revolving line of credit paydown.

(2)Subsequent to September 30, 2024, we repaid $93,800 under our unsecured revolving line of credit. Accordingly, we have $146,350 outstanding and $278,650 available for borrowing under our unsecured revolving line of credit.

(3)Subsequent to September 30, 2024, we sold 226,370 shares of common stock for $7,936 in net proceeds under our Equity Distribution Agreements. Accordingly, subsequent to September 30, 2024, we had $1,522 available under the Equity Distribution Agreements.

(4)Subsequent to September 30, 2024, we had $285,612 in liquidity. See explanations (1) through (3) above for more information.

We believe that our current cash balance, cash flow from operations available for distribution or reinvestment, our borrowing capacity and our potential ability to access the capital markets are sufficient to provide for payment of our current operating costs, meet debt obligations and pay common dividends at least sufficient to maintain our REIT status and repay borrowings at, or prior to, their maturity. The timing, source and amount of cash flows used in financing and investing activities are sensitive to the capital markets environment, especially to changes in interest rates. In addition, COVID-19 and inflation have adversely affected our operators’ business, results of operations, cash flows and financial condition which could, in turn, adversely affect our financial position.

The operating results of the facilities will be impacted by various factors over which the operators/owners may have no control. Those factors include, without limitation, the health of the economy, inflation pressures, employee availability and cost, changes in supply of or demand for competing seniors housing and health care facilities, ability to hire and maintain qualified staff, ability to control other rising operating costs, and the potential for significant reforms in the health care industry and related occupancy challenges in the governmental regulations and financing of the health care industry or the impact of any other infectious disease and epidemic outbreaks. We cannot presently predict what impact these potential events may have, if any. We believe that adequate provision has been made for the possibility of loans proving uncollectable but we will continually evaluate the financial status of the operations of the seniors housing and health care properties. In addition, we will monitor our borrowers and the underlying collateral for mortgage loans and will make future revisions to the provision, if considered necessary.

Depending on our borrowing capacity, compliance with financial covenants, ability to access the capital markets, and the payment of dividends may be negatively impacted. We continuously evaluate the availability of cost-effective capital and believe we have sufficient liquidity for our current dividend, corporate expenses and additional capital investments in 2024 and 2025.

Our investments, principally our investments in owned properties, financing receivables and mortgage loans, are subject to the possibility of loss of their carrying values as a result of changes in

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market prices, interest rates and inflationary expectations. The effects on interest rates may affect our costs of financing our operations and the fair market value of our financial assets. Generally, our leases have agreed upon annual increases and our loans have predetermined increases in interest rates. Inasmuch as we may initially fund some of our investments with variable interest rate debt, we would be at risk of net interest margin deterioration if medium and long-term rates were to increase.

Our primary sources of cash include rent and interest receipts, borrowings under our unsecured credit facility, public and private issuances of debt and equity securities, proceeds from investment dispositions and principal payments on loans receivable. Our primary uses of cash include dividend distributions, debt service payments (including principal and interest), real property investments (including acquisitions, capital expenditures and construction advances), loan advances and general and administrative expenses. These sources and uses of cash are reflected in our Consolidated Statements of Cash Flows as summarized below (in thousands):

Nine Months Ended September 30, 

Change

Net Cash provided by (used in):

2024

2023

$

Operating activities

$

91,879

$

78,932

$

12,947

Investing activities

40,379

(194,254)

234,633

Financing activities

(117,504)

116,245

(233,749)

Increase in cash and cash equivalents

14,754

923

13,831

Cash and cash equivalents, beginning of period

20,286

10,379

9,907

Cash and cash equivalents, end of period

$

35,040

$

11,302

$

23,738

Debt Obligations

Unsecured Credit Facility. We had an unsecured credit agreement (the “Original Credit Agreement”) that provided for an aggregate commitment of the lenders of up to $500.0 million comprising of a $400.0 million revolving credit facility (the “Revolving Line of Credit”) and two $50.0 million term loans (the “Term Loans”). The Term Loans mature on November 19, 2025 and November 19, 2026. The Revolving Line of Credit had a maturity date of November 19, 2025 and provided a one-year extension option at our discretion, subject to customary conditions. During the first quarter of 2024, we entered into an amendment to the Original Credit Agreement (the “Credit Agreement”) to accelerate our one-year extension option notice to January 4, 2024. Concurrently, we exercised our option to extend the maturity date to November 19, 2026. Other material terms of the Original Credit Agreement remained unchanged. The Credit Agreement permitted us to request increases to the Revolving Line of Credit and Term Loans commitments up to a total of $1.0 billion (the “Accordion”). As permitted under the terms of the Credit Agreement, we exercised $25.0 million of the available $500.0 million Accordion feature of the Revolving Line of Credit, effective September 30, 2024. Accordingly, the aggregate commitment of the lenders under the Credit Agreement increased to $525.0 million, with $475.0 million remaining available under the Accordion. The exercise of the Accordion did not materially change any other term or condition of the Credit Agreement, including its maturity date or covenant requirements.

Based on our leverage at September 30, 2024, the facility provides for interest annually at Adjusted SOFR plus 110 basis points and a facility fee of 15 basis points and the Term Loans provide for interest annually at Adjusted SOFR plus 125 basis points.

Interest Rate Swap Agreements. In connection with entering into the Term Loans as described above, we entered into two receive variable/pay fixed interest rate swap agreements (the “Interest Rate Swaps”) with maturities of November 19, 2025 and November 19, 2026, respectively, that will effectively lock-in the forecasted interest payments on the Term Loans’ borrowings over their four and five year terms of the loans. The Interest Rate Swaps are considered cash flow hedges and are recorded on our Consolidated Balance Sheets at fair value, with changes in the fair value of these instruments recognized in Accumulated other comprehensive income (loss) on our Consolidated Balance Sheets. During the three

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and nine months ended September 30, 2024, we recorded a decrease of $2.3 million and $2.5 million in fair value of Interest Rate Swaps, respectively.

As of September 30, 2024, the terms of the Interest Rate Swaps are as follows (dollar amounts in thousands):

Notional

Fair Value at

Date Entered

Maturity Date

Swap Rate

Rate Index

Amount

September 30, 2024

November 2021

November 19, 2025

2.62

%

1-month SOFR

$

50,000

$

1,448

November 2021

November 19, 2026

2.76

%

1-month SOFR

50,000

2,191

$

100,000

$

3,639

Senior Unsecured Notes. We have senior unsecured notes held by institutional investors with interest rates ranging from 3.66% to 4.5%. The senior unsecured notes mature between 2026 and 2033.

The senior unsecured notes and the Credit Agreement, including the Revolving Line of Credit and the Term Loans, contain financial covenants, which are measured quarterly, that require us to maintain, among other things:

a ratio of total indebtedness to total asset value not greater than 0.6 to 1.0;
a ratio of secured debt to total asset value not greater than 0.35 to 1.0;
a ratio of unsecured debt to the value of the unencumbered asset value not greater than 0.6 to 1.0; and
a ratio of EBITDA, as calculated in the debt obligation, to fixed charges not less than 1.50 to 1.0.

At September 30, 2024, we were in compliance with all applicable financial covenants. These debt obligations also contain additional customary covenants and events of default that are subject to a number of important and significant limitations, qualifications and exceptions.

The debt obligations by component as of September 30, 2024 are as follows (dollar amounts in thousands):

Applicable

Available

Interest

Outstanding

for

Debt Obligations

Rate (1)

Balance

Borrowing

Revolving line of credit (2)

6.17%

$

240,150

$

184,850

Term loans, net of debt issue costs

2.69%

99,771

Senior unsecured notes, net of debt issue costs

4.15%

445,402

Total

4.58%

$

785,323

$

184,850

(1)Represents weighted average of interest rate as of September 30, 2024.

(2)Subsequent to September 30, 2024, we repaid $93,800 under our unsecured revolving line of credit. Accordingly, we have $146,350 outstanding and $278,650 available for borrowing under our unsecured revolving line of credit.

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During the nine months ended September 30, 2024, our debt borrowings and repayments were as follows (in thousands):

Debt Obligations

Borrowings

Repayments

Revolving line of credit

$

19,200

$

(81,300)

(1)

Senior unsecured notes

(44,160)

Total

$

19,200

$

(125,460)

(1)Subsequent to September 30, 2024, we repaid $93,800 under our unsecured revolving line of credit. Accordingly, we have $146,350 outstanding and $278,650available for borrowing under our unsecured revolving line of credit.

Equity

At September 30, 2024, we had 45,034,384 shares of common stock outstanding, total equity on our balance sheet $1.0 billion and our equity securities had a market value of $1.7 billion. During the nine months ended September 30, 2024, we declared and paid $74.7 million of cash dividends.

During the nine months ended September 30, 2024, we acquired 49,540 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations.

Subsequent to September 30, 2024, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of October, November and December 2024, payable on October 31, November 29, and December 31, 2024, respectively, to stockholders of record on October 23, November 21, and December 23, 2024, respectively.

At-The-Market Program. We have separate equity distribution agreements (collectively, “Equity Distribution Agreements”) to offer and sell, from time to time, up to $200.0 million in aggregate offering price of shares of our common stock. During the nine months ended September 30, 2024, we sold 1,886,900 shares of common stock for $65.6 million in net proceeds under our Equity Distribution Agreements. In conjunction with the sale of common stock, we incurred $0.1 million of costs associated with this agreement which have been recorded in additional paid in capital as a reduction of proceeds received. At September 30, 2024, we had $9.6 million available under the Equity Distribution Agreements. Subsequent to September 30, 2024, we sold 226,370 shares of common stock for $7.9 million in net proceeds under our Equity Distribution Agreements. Accordingly, subsequent to September 30, 2024, we had $1.5 million available under the Equity Distribution Agreements.

Available Shelf Registrations. We have an automatic shelf registration statement on file with the SEC and currently have the ability to file additional automatic shelf registration statements to provide us with capacity to publicly offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time raise capital under our automatic registration statement in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering. Our shelf registration statement expires on February 17, 2025.

Stock-Based Compensation. During the second quarter of 2021, we adopted and our shareholders approved the 2021 Equity Participation Plan (“the 2021 Plan”) which replaces the 2015 Equity Participation Plan (“the 2015 Plan”). Under the 2021 Plan, 1,900,000 shares of common stock have been authorized and reserved for awards, less one share for every one share that was subject to an award granted under the 2015 Plan after December 31, 2020 and prior to adoption. In addition, any shares that are not issued under outstanding awards under the 2015 Plan because the shares were forfeited or cancelled after December 31, 2020 will be added to and again be available for awards under the 2021

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Plan. Under the 2021 Plan, the shares were authorized and reserved for awards to officers, employees, non-employee directors and consultants. The terms of the awards granted under the 2021 Plan and the 2015 Plan are set by our compensation committee at its discretion.

During the nine months ended September 30, 2024, we awarded restricted stock and performance-based stock units as follows:

No. of

Price per

Shares

Share

Award Type

Vesting Period

159,536

$

30.72

Restricted stock

ratably over 3 years

69,610

$

31.84

Performance-based stock units

TSR targets (1)

62,914

$

31.84

Performance-based stock units

TSR targets (2)

15,895

$

34.60

Restricted stock

(3)

307,955

(1)Vesting is based on achieving certain total shareholder return (“TSR”) targets in 3 years.

(2)Vesting is based on achieving certain TSR targets relative to the TSR of a predefined peer group in 3 years.

(3)The vesting date is the earlier of the one-year anniversary of the award date and the date of the next annual meeting of the stockholders of LTC following the award date.

Critical Accounting Policies

Our consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q are prepared in conformity with U.S. generally accepted accounting principles for interim financial information set forth in the Accounting Standards Codification as published by the Financial Accounting Standards Board, which require us to make estimates and assumptions regarding future events that affect the amounts reported in our financial statements and accompanying footnotes. We base these estimates on our experience and assumptions regarding future events we believe to be reasonable under the circumstances. Actual results could differ from those estimates and such differences may be material to the consolidated financial statements. We have described our most critical accounting policies in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to our critical accounting policies or estimates since December 31, 2023.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There were no material changes in our market risk during the nine months ended September 30, 2024. For additional information, refer to Item 7A as presented in our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 4. CONTROLS AND PROCEDURES

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended). As of the end of the period covered by this report based on such evaluation our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, our disclosure controls and procedures were effective.

There has been no change in our internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II

OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

We are and may become from time to time a party to various claims and lawsuits arising in the ordinary course of business, which in our opinion are not singularly or in the aggregate anticipated to be material to our results of operations or financial condition. Claims and lawsuits may include matters involving general or professional liability asserted against the lessees or borrowers related to our properties, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims and lawsuits.

Item 1A. RISK FACTORS

There have been no material changes from the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

Item 5. OTHER INFORMATION

None

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Item 6. EXHIBITS

3.1

LTC Properties, Inc. Articles of Restatement (incorporated by reference to Exhibit 3.1.2 to the registrant’s Current Report on Form 8-K filed June 6, 2016)

3.2

Bylaws of LTC Properties, Inc. (incorporated by reference to Exhibit 3.2 to the registrant’s Current Report on Form 8-K filed May 26, 2023)

31.1

Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32

Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definitions Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LTC PROPERTIES, INC.

Registrant

Dated: October 28, 2024

             By:

/s/ Caroline Chikhale

Caroline Chikhale

Executive Vice President, Chief Accounting
Officer and Treasurer

(Principal Accounting Officer)

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